The hourly chart shows how the pair inclined aggressively, forming a duplicated harmonic pattern consists of AB=CD and Butterfly . The potential reversal zones reside between 127% at the present levels of 113.40 and 161.8% at 113.98. Thus, we should wait for a confirmed reversal candlestick pattern to make sure that the pattern will be activated from the levels and thusthe outlook will be neutral during this session until the midday report is published.
The trading range for today is among key support at 110.50 and key resistance now at 116.80.
The general trend over short term basis is to the downside, targeting 97.90 as far as areas of 132.50 remain intact.
Support113.15112.85112.10111.05110.50Resistance113.95114.75115.00116.20116.80RecommendationBased on the charts and explanations above our opinion is, staying aside until a clear sign appears to pinpoint the upcoming move.