The pair maintains stability below the resistance of the main descending channel and remains affected by the bearish rising wedge formation which was completed earlier as shown on chart. Accordingly, we may see continuation of the intraday downside move today supported by the negative pressure from the 50 EMA. Downside targets start at 117.95 and require stability below 120.50.

The trading range for the day is expected among the key support at 116.95 and the key resistance at 121.15.

The short term trend is to the downside as far as 150.00 remains intact with targets at 112.00.

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RecommendationBased on the charts and explanations above we recommend selling the pair with four-hour closing below 119.30 targeting 117.95 and 116.95 , stop loss with four-hour closing above 120.50 may be appropriate.