The pair found difficulties settling above the pivotal 120.40 resistance and reversed as shown on image. Stochastic is gradually unloading negativity and approaching the sensitive support at 118.85. In general, we need to monitor trading around these sensitive levels which are the key for the intraday direction for the pair. The levels are 118.85 support and 120.40 resistance.
The expected trading range for the day is among the key support at 117.35 and the key resistance at 122.10.
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 buying the pair with hourly closing above 120.40 targeting 122.10 and stop loss with hourly closing below 119.50 may be appropriate.|