The pair has been fluctuating around the neckline we mentioned yesterday at 100.25, however it failed to print a four-hour closing above the level, as negativity on momentum indicators are pressuring the pair. In general, the bullish technical pattern in addition to the support from the 50-EMA are factors that support an intraday bullish move today, however, it requires surpassing 100.25 to open the door towards 102.55. Steady trading above 99.10 is required for these expectations to remain intact.
The trading range for the day is expected among the key support at 99.10 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 with four-hour closing above 100.25 targeting 102.55 and stop loss below 99.10 may be appropriate.|