The pair reversed to the downside after touching the resistance of the main descending channel as shown on image and touched the retest level at the previously breached neckline for the bullish technical pattern at 120.80, reversing from the aforementioned resistance signals that the pair is attempting to resume the overall bearish trend, but on the other hand positivity on stochastic and the 50 EMA are supporting the mentioned retest level. Therefore, we recommend staying aside for now and monitor trading around the sensitive levels at 120.80 support and 122.30 resistance.
The trading range for the week may be among the 119.75 support and 123.35 resistance.
The short term trend is to the downside targeting 122.00 so long as 150.00 remain intact.
|Recommendation||Based on the charts and explanations above we recommend staying aside awaiting more confirmations for the next move.|