The pair maintains stability below the 50 EMA, in addition to settling below the pivotal support among 118.85-118.75, accordingly, it may continue trading among the descending channel -shown on image-. Positivity on stochastic may lead to some fluctuations for a possible retest of the aforementioned level before heading to resume the intraday downside move today targeting 116.25. Settling above 119.40 may delay the awaited decline.
The expected trading range for the day is among the key support at 116.25and the key resistance at 119.40.
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 118.85 targeting 116.25 and stop loss with four-hour closing above 119.40 may be appropriate.|