The pair settled around SMA 50 after it failed to breach the retest level of the previously breached resistance yesterday, supported by the positivity seen on momentum indicators. But, we still need to observe the pair's behavior around these critical levels of 105.85 and 107.00 to confirm the next move. Therefore, we remain neutral today, observing the daily closing in regards to the mentioned levels.
The trading range for today is among the major support at 105.00 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 charts and explanations above we remain neutral, awaiting more confirmations|