The pair has been in a down trend for 2 weeks. In yesterday's session the pair was faced strong resistance at 107.50 parallel resistance and 108.00, 20Dsma. Until the pair closes above 108.00, bears have an upper hand in the near term. In today's Asia's session the pair is trading at 106.95. We recommend selling at the market price target of 106.42, 50Dsma. In case, the pair closes below 106.41 we will add further bearish thoughts in the near term. For the medium term view, after a daily close below 105.90 only, the pair will weaken further.
