The downside pressure upon the pair continued yesterday affected by the bearish technical pattern which was completed by breaching 104.75, where targets for the pattern start at 100.75 followed by 98.00. Positivity on momentum indicators may lead to some fluctuations and upside correctional bias before resuming the expected downside moveover intraday basis, where steady trading below 104.75 is required for our expectations to remain valid.
The trading range for the day may be among the 100.75 support and 104.75 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 104.25 targeting 102.10 and stop loss with four-hour closing above 104.75 may be appropriate|