The side-way range continues to confine intraday trading for the pair, where it touched the resistance of the bound at 104.25 and reversed to the downside supported by negativity on stochastic. Therefore, we continue to expect a downside move targeting mainly 103.40 followed by 102.10. Steady trading below 104.25-104.75 is required for our expectations to remain valid.
The trading range for the day may be among the 101.70 support and 104.75 resistance.
The short term trend is to the downside targeting 94.80 so long as 123.30 remain intact.
Support103.40102.65102.10101.70101.00Resistance104.25104.75105.35106.10106.50RecommendationBased 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