The session closed yesterday slightly above 122.25, thus, supporting the bullish technical scenario that we mentioned yesterday. Therefore, we expect an intraday bullish move today, supported by the 50 EMA, however,stochastic is in overbought area and may lead to some fluctuations around the current levels. Upside targets start at 124.25, and requires steady trading above 122.25.
The trading range for today is expected among the key support at 119.30 and the key resistance at 124.25.
The short term trend is to the downside as far as 150.00 remains intact with targets at 112.00.
|Recommendation||Based on the charts and explanations above we recommend buying the pair with around 122.25 targeting 124.25 and stop loss below 121.00|