The pair managed to breach the sensitive support at 123.90, and this activated the bearish technical pattern. On the other hand, the support of the ascending correctional channel is forming a barrier toward further decline-until now-. we may see some fluctuations among the aforementioned levels before acquiring a breach below the support of the channel and that will open the door toward 122.30 and 121.30. Stability below 124.30 is required to maintain the possibilities of the suggested scenario.
The trading range for the day may be among the 121.30 support and 126.00 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 selling the pair around 123.90 targeting 122.30 and stop loss above 124.95 may be appropriate.|