The pair is trading within a narrow range since yesterday , however with a slight downside bias to trade below the 50 EMA. The negative effect from the breached rising wedge formation-colored in red- is biasing the intraday movement, therefore we hold onto our expectations for an intraday downside move for today and requires two conditions, breaching 125.60 and stability below 127.10.
The trading range for the day is among the major support at 123.30 and the major resistance at 127.10.
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.|