The pair declined to acquire the first awaited target at 117.95, and continues the downside trip attempting to retest the latest bottom at 116.80. Trading settled below the resistance of the main descending channel and the 50-EMA, accordingly, we maintain our expectation for bearishness. Breaching 119.60 will put the pair outside the descending channel and may result in a trend change.
The trading range for the day is expected among the key support at 115.40 and the key resistance at 119.35.
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 selling the pair around 117.95 targeting 116.80 and 115.40, stop loss with four-hour closing above 119.30 may be appropriate|