The pair rallied to trade again above 125.60 pivot, and breached the intraday descending resistance shown on image. Accordingly we may witness a short term recovery toward the main pivot and the 50 days MA near 127.30, however it may be preceeded by a retest of the breached resistance which turns into support at 125.60. For the bullish bias to be sustained we need four hour closing to remain above 125.00 area.
The trading range for the week may be among the major support at 124.50 and the major resistance at 127.30.
The short term trend is to the downside targeting 112.00 as long as 150.00 remain intact.
|Recommendation||Based on the charts and explanations above we recommend buying the pair around 125.60 targeting 127.25 and stop loss with four hour closing below 125.00 may be appropriate.|