The pair continues to trade within a narrow range since yesterday stuck among the 38.2% and 50.0% Fibonacci levels as shown in image. Stochastic is still negative over daily basis, therefore, we expect an intraday downside move for today targeting initially 125.05 and 124.00, and requires stability below 127.55.
The trading range for the week is among the major support at 120.80 and the major resistance at 128.50.
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 127.00 targeting 125.05 and stop loss with hourly closing above 127.80 may be appropriate.|