SMA 50 has been able to stop the sharp decline yesterday and now, the pair is achieving a slight correction to relieve momentum indicators. In general, more downside actions might be seen today targeting 106.00 but 108.45-neckline of double top pattern- might be retested before resuming the bearish rally.
The trading range for today is among the major support at105.70 and the major resistance at 108.95.
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 above 109.40 might be appropriate.|