The pair settles today within a narrow range after yesterday's decline, where the daily closing was below 125.00. The 38.2 Fibonacci correction ability to halt the latest upside attempts for the pair in addition to yesterday' closing below 125.00support a downside move for today,Stochastic is gradually loosing its positivity. The main target resides at 122.60, while a breach above 125.65 may push the pair to resume the bullish trend.
The trading range for the day may be among the 122.60 support and 127.30 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 with a breach below 124.55 targeting 122.60 and stop loss above 125.70 may be appropriate.|