The pair attempts to settle above the support level to achieve the positivity, but we notice the break of the support level in yesterday’s trading which led to turn the main track to the negativity by the stability of the trading below 121.65
We expect the continuation of the bearish trend domination in the near and medium period to achieve 117.30 which forms an obstacle against the price rise recently, Stochastic supports the expected negativity by holding around 20 level as appears in the enclosed chart.
Expected trading range is between 121.60 and 119.10
Expected trend: bearish