The pair is still stable below the 23.6% correction for the downside move that started from 127.91 towards 108.81; at the same time the pair settled above the SMA 20. RSI is stable above 50, alongside a positive crossover on Stochastic. Therefore, we remain neutral during the morning session inline with yesterday awaiting more confirmations.
The trading range for today is among key support at 109.85 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.
Support112.10111.90111.05110.50109.85Resistance113.15113.95114.75115.00116.20RecommendationBased on the charts and explanations above, we remain neutral awaiting more confirmations