The pair is still biased to the downside, after it settled below 23.6% Fibonacci correction, indicating that the downside movement could extend towards 38.2% Fibonacci correction at 105.00. Stochastic provides positive signs, SMA 50 supports the pair from below; therefore, the pair could rebound to the upside and breach again the resistance of the descending channel and then attempting to breach the horizontal main resistance at 109.95, where this level represents the neckline of the proposed bullish technical structure. Today, we remain neutral, observing the pair between the critical support and resistance at 105.00 and 107.40 respectively.
The trading range for today is among the major support at 104.00 and the major resistance at 108.40.
The short-term trend is to the downside as far as 123.30 remains intact, targeting 94.80.
|Recommendation||Based on the charts and explanations above we remain neutral, awaiting more confirmations|