The pair breached 126.15 and settled below the level as shown in image , and this was our first condition for the bearish scenario we suggested previously. The 50 EMA is forming a good intraday resistance, therefore, we expect an intraday downside move today targeting 125.05 and 124.00, while stability below 127.20 is required for this scenario to remain valid.
The trading range for the day is among the major support at 123.30 and the major resistance at 127.20.
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 with a breach of 125.60 targeting 124.00 and stop loss with hourly closing above 126.15 may be appropriate.|