The pair is fluctuating around the retest level we mentioned yesterday at 118.85, while Stochastic continues to be negative over four-hour basis. Therefore, we continue to expect a downside move for today targeting initially 116.90 and 116.00, taking into consideration that breaching above 118.85 may push the pair to test the resistance of the main descending channel shown on image.
The expected trading range for the day is among the key support at 115.00 and the key resistance at 120.35.
The short term trend is to the downside so far as 150.00 remains intact targeting 112.00.
Support118.00117.35116.90116.00115.40Resistance118.85119.60120.35120.80121.30RecommendationBased on the charts and explanations above we recommend selling the pair around 118.85 targeting 116.90 and stop loss with four-hour closing above 119.60 may be appropriate.