Trading settled below 122.00 mark, while the downside side bias continues over intraday basis as shown on image. The 50 EMA continues to pressure the pair negatively, therefore we expect more intraday bearishness for today targeting initially 120.00 and 118.85. Trading above 122.00 may delay achieving the awaited targets.
The expected trading range for the day is among the key support at 118.00 and the key resistance at 123.30.
The short term trend is to the downside so far as 150.00 remains intact targeting 112.00.
|Recommendation||Based on the charts and explanations above we recommend selling the pair around 122.00 targeting 120.00 and stop loss above 123.30 may be appropriate.|