The pair successfully achieved the awaited downside targets noting that the bearishness yesterday sent the pair to trade below the all time record low at 118.82. Accordingly, and due to the persistent negative pressure by the 50 EMA we expect continuation of the downside move over intraday basis, fluctuations among 118.82-119.45 may preceded the awaited move toward 116.00 level. 119.45 should remain intact for our expectations to remain valid.
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 119.45 targeting 116.90 and stop loss above 120.35 may be appropriate.|