In addition to the previous suggested Elliott count over short term basis, there is a technical probability of forming an inverted head and shoulders pattern that could assist the pair to activate the suggested upside correction. Thereby, potential bullishness could be seen over intraday basis. The levels of 109.45 should hold to keep this Elliott count valid , while a break of 111.05 is needed to confirm our anticipations.
The trading range for today is among key support at 107.50 and key resistance now at 113.60.
The general trend over short term basis is to the downside, targeting 97.90 as far as areas of 132.50 remain intact.
Support110.40110.00109.50109.00108.45Resistance111.05111.90112.40112.90113.60RecommendationBased on the charts and explanations above our opinion is, buying the pair with a breakout above 111.05 targeting 112.90 and stop loss below 109.40 might be appropriate.