The pair continues to trade within a narrow range but with a clear downside bias to breach minor support levels successively,and lately the 121.30. The positive momentum over four-hour basis indicates that we may see some fluctuation for a possible retest of the aforementioned breached level before heading downwards and resuming the intraday downside move for today, targeting 118.00. Breaching and stabilizing above 121.30 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 121.30 targeting 120.00 and stop loss with hourly closing above 122.00 may be appropriate.|