The pair continued the rally affected by the bullish technical pattern that was completed by breaching 120.15 yesterday, where price is approaching the main target at 122.25, this level may push the pair to reverse direction. Momentum indicators are within overbought areas, thus may force the pair correct some of the gains before resuming the bullish attempts. The 50-EMA is supporting price from the downside.
The trading range for the day is expected among the key support at 120.15 and the key resistance at 123.80.
The short term trend is to the downside as far as 150.00remains intact with targets at 112.00.
|Recommendation||Based on the charts and explanations above we recommend buying the pair around 120.70 targeting 122.25 and stop loss below 120.00 may be appropriate|