The sharp declines occurred yesterday evening sent the pair below the awaited technical objective of yesterday's suggested scenario at 111.90. Now, we see how a slant positive divergence has been completed on the four-hour chart, signaling that the present correction might reach 38.2% for the last bearish wave at 112.90 but from these levels downside actions which appearing on the bigger picture of the daily basis could be resumed. We recommend reading the weekly report for more details.
The trading range for today is among key support at 108.50 and key resistance now at 115.75.
The general trend over short term basis is to the downside, targeting 97.90 as far as areas of 132.50 remain intact.
Support111.90111.05110.40109.50108.50Resistance112.90113.60114.25115.00115.75RecommendationBased on the charts and explanations above our opinion is, selling the pair from 112.90 targeting 110.40 and stop loss above 115.00 might be appropriate.