The pair is trading within the same range since yesterday, attempting to settle on the 50 EMA again. Trading continues within the main descending channel in addition to the negative pressure coming from the 50 EMA, accordingly we continue to hold onto our intraday bearish expectations targeting 123.30 followed by 122.55. Stability below 126.40 is necessary to our expectations to remain possible.
The trading range for the week may be among the major support at 120.00 and the major resistance at 126.40.
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 125.50 targeting 123.30 and stop loss above 126.40 might be appropriate.|