Trading settles above the breached level at 122.25. While a narrow range is controlling the pair's movement due to the low volume levels within this period. In general, we maintain our expectations for an intraday bullish move counting on stability above the aforementioned resistance, where main targets start at 124.25. The 50 EMA is supporting the bullish scenario.
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 around 122.25 targeting 124.25 and stop loss below 121.00 might be appropriate.|