Trading settled below 120.80 with daily closing, and this supports our expectations for an intraday downside move for today. The pair is fluctuating around the 50 EMA, while stochastic is loosing upside momentum. The awaited targets start at 119.10, taking into consideration that a breach of 120.80 may delay acquiring the target while a breach above 122.20 may turn the outlook into intraday bullish.
The trading range for the day may be among the 118.75 support and 122.20 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 selling the pair around 120.80 targeting 119.10 and stop loss above 121.50 may be appropriate.|