The pair rallied to settle above the resistance of the descending channel shown on image, approaching the critical resistance at 122.60. The 50 EMA continues to support the pair from the downside, we count on settling above the breached resistance to expect the continuation of the upside move , taking into consideration that two conditions are required, a clear breach of 122.60 and stability above 121.30.
The trading range for the day may be among the 120.35 support and 124.00 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 buying the pair with a breach above 122.60 targeting 125.30 and stop loss below 121.30 may be appropriate.|