The pair breached the pivotal support at 103.00 and then 102.55, and is currently fluctuating around the SMA 50, which indicates that the pair could retest the support of the ascending correctional channel around 101.25 before resuming the upside correctional move today. Stochastic enters now oversold areas to support the suggested upside move, while we signal that a breach of 101.25 could be a sign of ending the current upside correction and resuming the general downside trend again.
The trading range for today is among the major support at 101.25 and the major resistance at 104.80.
The short-term trend is to the downside as far as 123.30 remains intact, targeting 94.80.
|Recommendation||Based on the chart and explanations above, our opinion is buying the pair around 101.25, and taking profit at 102.55 and then at 103.80 and stop loss below 100.45 might be appropriate|