The pair is trading near the resistance of the short term descending channel shown above, this level at 122.25 is a critical resistance, the area include the resistance of the channel in addition to the 23.6% Fibonacci correction alongside a possible neckline for a bullish technical pattern, therefore, a breach above the level may accelerate bullishness , accordingly, we prefer staying aside for now to assure how the level will hold against the possible breach attempts. Levels to be watched are the 122.25 resistance and 121.00 support.
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 staying aside awaiting more confirmations.|