The pair inclined yesterday to reach the minor ascending resistance shown in image, while stochastic is clearly overbought over the four-hour time frame . Therefore, we hold onto our bearish expectations over intraday basis which require two conditions, breaching 125.75 and stability below 127.55.
The trading range for the day is among the major support at 122.55 and the major resistance at 127.65.
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 127.05 targeting 125.75 and stop loss with hourly closing above126.50 may be appropriate.|