The pair is trading now in critical areas, where these areas are around 38.2% Fibonacci correction at 105.95 as shown above. The pair also provides attempts to settle below the main resistance of the downside movement again, supported by stability below EMA 50. Consolidation below 105.95 might trigger more bearishness during the coming period, but consolidation above 107.35 might activate the positive effect of momentum indicators and might negate the suggested downside movement.
The trading range for today is among the major support at 102.55 and the major resistance at 108.05.
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 105.90, targeting 104.40 and 103.30 and stop loss above 107.35 might be appropriate|