The pair recently succumbed to conflicting signals from the main technical indicators, particularly as stochastic provided positive momentum, prompting the formation of bullish corrective waves, with the price currently stabilizing near 177.60.

 

We note that the overall stability below the additional resistance barrier at 177.80 keeps us expecting the price to gather the negative momentum needed to activate the main bearish move, targeting 176.35, followed by the next target at 175.75. However, a break above this barrier and sustained trading above it will give the price an opportunity to recover further losses, gradually advancing toward 178.60 and 179.40.

 

The expected trading range for today is between 176.35 and 177.80.

 

Trend forecast: Bearish