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 maintains stability below the previously breached pivotal support at 120.75, while the 50 EMA continues to pressure trading negatively. Therefore, we continue to expect bearishness for today awaiting acquiring the main first target at 119.00 now, which is the gate into trading back within the previously breached descending channel.
The trading range for the day may be among the 117.95 support and 121.55 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 119.00 and stop loss above 121.55 may be appropriate|