The pair declined sharply yesterday to reach very close to the main awaited target at the descending channel support, however the pair failed to breach last month bottom. Therefore, we should stay aside today, as the pair may be forming positive double bottom technical pattern. Accordingly, we have to monitor trading around the sensitive levels which will confirm or negate the pattern, the support at 116.95 and resistance at 118.85.
The expected trading range for the day is among the key support at 116.25 and the key resistance at 120.75.
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 staying aside awaiting more confirmations for the next move.|