The pair accomplished 38.2% Fibonacci at 123.00 during the recent trading to remainstable below this level without achieving any breach until now.
The recent resistance level stability makes us expect the fluctuation between the resistance level and 120.00 to keep the price generally positive conditioned by the stability of the support level around 116.50.
Stochastic enters the overbought level, and that supports the expected fluctuation during today’s trading.
Expected trading range is between 120.00 and 123.00
Expected trend: bearish if the resistance level remained intact.