The pair continues to fluctuate around the resistance of the main descending channel since yeterday, settling below the level over daily closing basis. Therefore, we maintain our expectation for an intraday downside move targeting initially a breach below the 50 EMA at 121.10. We remind you that a daily closing above the resistance of the channel will be considered as an upside reversal signal.
The trading range for the week may be among the 116.95 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 selling the pair around 121.80 targeting 120.45 and stop loss above 122.60 may be appropriate.|