Once more, the pair failed to breach the 12.30 level with a clear four-hour closing, and falied to stabilize above the 50 EMA as well at 124.20. We need a four-hour closing below 123.20 to assure that the downside bias will continue without an upside correction over intraday basis.
The trading range for today is expected among the key support at 120.80 and the key resistance at 127.30.
The short term trend is to the downside as far as 150.00 remains intact with targets at 112.00.
|Recommendation||Based on the charts and explanations above we recommend buying the pair below 124.00 targeting 122.20 and stop loss with four-hour closing above 124.35 may be appropriate.|