The pair maintained the bullish bias yesterday to breach the resistance of the descending channel shown on image, where a horizontal resistance at 98.80 halted further incline, forming a range bound between 98.80-97.00 area. Negativity on momentum indicators may push the pair to resume the overall bearish trend; on the other hand, the 50-EMA coincides with the breached descending resistance which may form a strong support. Therefore, we remain neutral for now, and monitor trading around 97.95 support and 98.80 resistance.
The trading range for the day is expected among the key support at 97.00 the key resistance at 100.10.
The short term trend is to the downside as far as 150.00remains intact with targets at 112.00.
|Recommendation||Based on the charts and explanations above we recommend staying aside awaiting more confirmations.|