The pair declined sharply today, but it returned to recover some of the losses incurred, where the pair trades now above 122.25 again. SMA 50 prevented the bearishness from extending further, while Stochastic is positive over 4-hour basis. Therefore, we suggest an intraday upside move today, targeting mainly 123.80 and then 124.80, while consolidation above 121.70 and 121.35 is required for our expectations to prevail. A breach of 121.70 could activate a bearish technical structure, which will be explained if the breach was seen.
The trading range for today is among the major support at 121.35 and the major resistance at 124.80.
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 122.25, targeting 123.80 and then 124.80 and stop loss with 4-hour closing below 121.35 might be appropriate|