The pair maintains stability below the previously breached 120.65 level, zooming into the hourly time frame; a bearish formation has developed supporting the continuation of trading among the descending channel shown on image. Accordingly, we expect an intraday downside move targeting initially 118.00 and 117.50, stability below 120.65 is required to achieve the awaited targets.
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 120.35 targeting 118.85 and stop loss with hourly closing above 121.10 may be appropriate.|