The pair continues to trade negatively to breach 120.65 support. The 50 EMA pressures intraday trading, while the whole downside wave continues to trade among the descending main channel shown on image. Thereby, we expect more downside pressure over intraday basis targeting 117.50. While a breach above 120.65 may delay the awaited move.
The expected trading range for the day is among the key support at 117.50 and the key resistance at 121.30.
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 120.65 targeting 118.85 and stop loss with hourly closing above 121.10 may be appropriate.|