The SMA 50 supports the pair strongly, where the pair is still trading within the ascending channel shown above, while Stochastic is positive over 4-hour basis. Therefore, we still expect an intraday upside move today, targeting mainly 122.25; however, consolidation above 119.90 is required.
The trading range for today is among the major support at 119.90 and the major resistance at 122.25.
The short-term trend is to the downside as far as 150.00 remains intact targeting 112.00.
|Recommendation||Based on the charts and explanations above, our opinion is buying the pair around 119.90, targeting 121.00 and then 122.25 and stop loss below 119.60 might be appropriate|