Trading settled near the critical support we mentioned yesterday at 104.75, while positivity on stochastic is halting the pair's attempt to breach the level. In general, we count on the bearish pattern that was completed earlier by breaching 106.50 and the 50 EMA to expect more negative pressure today for a possible breach below the support at 104.75 activating a longer term bearish pattern that has targets at 100.75 and 98.00.
The trading range for the day may be among the 102.10 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 with a breach below 104.75 targeting 102.10 and stop loss with four-hour closing above 106.10 may be appropriate.|