The pair is trading with slight positivity since morning affected by positivity on momentum indicators, while we are still waiting for some upside correction testing 122.00 areas before resuming the intraday downside move for today. The 50 EMA continues to pressure trading negatively, while the main target to the downside is located at 119.50 which is the retest resistance level for the main descending channel that was breached previously.
The pair retested the previously breached support at 120.75 and reversed to the downside as shown above, while the 50 EMA continues to apply negative pressure on the pair. Accordingly, we hold onto our bearish intraday expectations for the pair, counting on the previously completed bearish technical pattern. Downside targets start at 119.15, while steady trading below 120.75 is required for our expectations to remain valid.
The trading range for the day may be among the 117.95 support and 122.25 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 120.75 targeting 119.15 and stop loss above 121.70 may be appropriate|