Positivity on momentum indicators could not push the pair to continue moving to the upside yesterday. In addition to that, steady trading below 23.6% Fibonacci correction shown above at 122.25 prevent us from expecting more bullishness. At the same time, stability above the 50 EMA around 120.90 besides the minor support at 120.75 push us to be neutral on the pair for now. Where a breach above 122.25 may signal further bullishness, while breaching 120.75 to the downside is a bearish signal, as momentum indicators are negatively biased.
The trading range for the day may be among the 119.00 support and 124.65 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 staying aside and monitor trading around 122.25 and 120.75 levels for more confirmations|