Trading remain confined by the previously breached resistance at 121.70 and below the 23.6% Fibonacci correction which is forming a resistance at 122.30, stochastic is attempting to gather some upside momentum gradually within the sideway trading stance. Therefore, we hold onto the bullish scenario for today counting on breaching 121.70 besides the support from the 50 EMA. The awaited targets start at 123.80.
The trading range for the day may be among the 120.00 support and 124.05 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 buying the pair around 121.70 targeting 123.80 and stop loss with four-hour closing below 120.70 may be appropriate|