Narrow trading dominates the pairs' movement since yesterday, while the 50 EMA continues to pressure the pair negatively over intraday basis. Therefore , we hold onto our bearish intraday expectations for today, however it requires a breach of 124.00 level to head toward 122.55 as a first target. Stability below 126.15 is necessary for the bearish scenario .
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 125.30 targeting 123.30 and stop loss above 126.15 might be appropriate.|