Finally, the pair was able to achieve a four hour closing below the initial support of 112.10 as we anticipated this morning and thus, the negative divergence became more efficient. Consequently, we keep our negative scenario intact for the rest of the day, where the last leg of the 5-0 pattern is still in progress. Violent bearishness is awaited if the pair penetrated the next support of 111.60.
The trading range for today is among key support at 110.50 and key resistance now at 114.75.
The general trend over short term basis is to the downside targeting 97.90 as far as areas of 132.50 remain intact.
Support111.60111.05110.50110.00109.45Resistance112.40112.80113.15113.60114.25RecommendationOur morning expectations remain valid.