The pair is still trading among the 38.2% and 50% Fibonacci levels since yesterday as shown in image. While stochastic continues to provide negative signs over daily basis. Therefore, we hold onto our expectations for downside bias today targeting 125.05 and 124.00, however it requires two conditions, a clear breach and stability below 126.15 and trading to remain below 127.40.
The trading range for the day is among the major support at 123.30 and the major resistance at 127.40.
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.|