The pair is trading within a narrow range since last night maintaining stability above 122.00, where Stochastic is gradually loosing positivity. The 50 EMA continues to pressure intraday trading negatively; thus, we expect a downside intraday move for today targeting mainly 120.00. The downside move requires stability below 123.30.
The trading range for the day is expected among the key support at 120.00 and the key resistance at 123.55.
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 selling the pair with hourly closing below 122.00 targeting 120.00 and stop loss above 123.30 might be appropriate.|