The pair rallied sharply to surpass 98.80 and approaches the 23.6% Fibonacci correction at 100.45, thus, we think that further bullish correction is probable within the coming period. The 50-EMA supports price from the downside, while momentum indicators are providing negative signals that may push the pair to retest the breached resistance before resuming the bullish intraday move today. Main targets start at 102.55 and requires steady trading above 98.80.
The trading range for the day is expected among the key support at 98.80 the key resistance at 102.55.
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 buying the pair around 98.80 targeting 100.45 and stop loss below 97.80 may be appropriate.|