The pair continued to trade negatively yesterday to complete the bearish technical pattern with a neckline at 106.50, this pattern suggests more bearishness within the upcoming period, and hints that the pair may settled for the latest upside correction at 50.0% Fibonacci-for the wave from 100.75 to 123.30- to resume the overall bearish trend. In general, we expect a downside move for today targeting initially 104.00 but requires steady trading below 106.50.
The trading range for the day may be among the 103.00 support and 106.50 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 around 106.05 targeting 104.75 and stop loss with four-hour closing above 106.50 may be appropriate|