Our first target which we predicted in yesterday's analysis has been hit. The pair is still under pressure. The pair has validated a bearish reversal after the recent downside breakout of its key level at 148.50. The falling 20-period and 50-period moving averages act as strong resistance roles, and should continue to push the prices lower. Last but not least, the relative strength index is bearish below its neutrality area at 50.

To sum up, as long as 148.50 holds on the upside, look for further decline to 147.25 and 146.85 in extension.

Alternatively, if the price moves in the direction opposite to the forecast, a long position is recommended above 148.50 with the target at 149.00.

Strategy: SELL, Stop Loss: 148.50, Take Profit: 147.25

Chart Explanation: the black line shows the pivot point. The price above the pivot point indicates long positions; and when it is below the pivot points, it indicates short positions. The red lines show the support levels and the green line indicates the resistance levels. These levels can be used to enter and exit trades.

Resistance levels: 149, 149.45, and 150.00

Support levels: 147.25, 146.85, and 146