The pair found a good support at 103.40, that managed to withhold further negativity and sent price higher where we think that a test of 104.25 is more likely now. In general, the effect of the bearish technical pattern that was activated by breaching 104.75 remains valid, thus, we continue to expect intraday bearishness. However, we should take into consideration that breaching 104.75 will push us to reconsider this scenario.

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.

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RecommendationBased 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