The pair has maintained its bearish stance, once again posting a negative close below the key 180.80 barrier. The price is currently fluctuating sideways near 179.00 as it attempts to counter the intraday positive momentum from the Stochastic indicator, increasing the chances of gathering fresh bearish momentum.

 

We expect that once the price successfully gathers bearish momentum, it will begin targeting the downside levels, initially moving toward 177.90, before attempting to reach further bearish targets at 177.35 and 176.70.

 

The expected trading range for today is between 177.90 and 179.65.

 

 

Trend forecast: Bearish