The pair is trading within a narrow range since yesterday settling below 117.95; while momentum indicators are providing positive signals and that may maintain fluctuations for some time. In general, we count steady trading below the main descending resistance shown on image in addition to the 50-EMA and hold onto our bearish expectations for the pair, mentioning that targets start at 116.80 and 115.40. For more details please click on the link below Further Analysis.
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|