The pair retested 118.85 level and reversed again after the 50 EMA formed a good resistance. Stochastic is negative over four-hour basis, thus supporting our expectations for an intraday downside move targeting mainly 116.25. Steady trading below 119.40 is required for our expectations to remain valid.
The expected trading range for the day is among the key support at 116.25 and 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 hourly closing above 119.40 may be appropriate.|