The pair continued the bearishness yesterday and settled below 108.45, which completed the formation of the double top pattern. The pattern's targets might reach the retest level of the previously breached resistance of the descending main channel, which turned into support now at 106.00.Therefore, we suggests a downside movement today before reaching the suggested targets and continuing the upside move. A breach of 108.45 and stability above it will negate the negative effect of the suggested double top pattern.
The trading range for today is among the major support at 108.25 and the major resistance at 111.00.
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 selling the pair around 108.45, targeting 107.00 and 106.00 and stop loss with 4-hour closing above 109.40 might be appropriate|