Once again, anticipate choppy trade in the 1.2954 to 1.3060 area. The pair is vulnerable to continued selling pressure, with any upside movement likely being capped in the 1.3060 to 1.3085 area. Our bearish sentiment will be confirmed on a move below 1.2954. Target 1.2912, 1.2823, 1.2789, and 1.2613 on a break below 1.2954.

The pair is likely to see continued selling pressure below the 125.42 level. We will continue to look for selling opportunities, selling rallies up to 125.42. A break below 122.22 will confirm our bearish sentiment, and could possibly target 121.19, 119.02, and 116.96. A move above 125.42 will negate the short term bearish outlook, and will likely see movement up to test the 129.50 level.

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