Trading rebounded to the upside and a possible range bound may be forming over intraday basis among 123.30-124.65 levels. Stochastic lost upside momentum after this incline, therefore, we will hold onto our expectations for a downside bias today targeting initially a breach of the range support. Steady trading below 125.05 is required for our expectations to remain possible.
Trading range for the day is among the major support at 121.10 and the major resistance at 126.65.
The short term trend is to the downside targeting 112.00 as long as 150.00 remain intact.
|Recommendation||Based on the charts and explanations above we recommend selling the pair around 124.65 targeting 121.10 and stop loss above 125.65 may be appropriate.|