The same trading range dominated the movements of the pair since the opening of this week; therefore, we hold onto our positive anticipations over intraday basisbased on the bullish harmonic structure seen on the provided four-hour chart. The Stochastic might be relieved around 108.70 zones, before activating the awaited bullishness.
The trading range for today is among key support at 106.50 and key resistance now at 111.90.
The general trend over short term basis is to the downside, targeting 97.90 as far as areas of 132.50 remain intact.
Support108.70108.50107.60106.50105.90Resistance109.45110.00110.50111.05111.90RecommendationBased on the charts and explanations above our opinion is, buying the pair around 108.65 levels targeting 110.50 and stop loss below 107.60 might be appropriate.