The pair maintains stability below the resistance of the descending channel as shown on image, while stochastic is approaching overbought area. Accordingly, the bearish intraday scenario is still valid so long as 106.15 remain intact. The awaited next step is a breach of 104.95 and 104.25 pivotal supports.
The trading range for the day may be among the 102.60 support and 107.00 resistance.
The short term trend is to the downside targeting 94.80 so long as 123.30 remain intact.
|Recommendation||Based on the charts and explanations above we recommend selling the pair with hourly closing below 104.95 targeting 103.15 and stop loss with hourly closing above 105.60 may be appropriate.|