Sharp inclines took the pair towards yesterdays' awaited technical objective at 110.50 as seen on the provided chart. These incline proved that the positive effect of the suggested harmonic structure is still in progress. It could be supported around the key levels of 109.45 before resuming the suggested bullishness. Stochastic crossed over positively, confirming the bullish anticipations.
The trading range for today is among key support at 106.50 and key resistance now at 112.85.
The general trend over short term basis is to the downside, targeting 97.90 as far as areas of 132.50 remain intact.
Support109.45109.00108.50107.60106.50Resistance110.00110.50111.05111.90112.10RecommendationBased on the charts and explanations above our opinion is, buying the pair around 109.50 levels targeting 111.45 and stop loss below 108.00 might be appropriate.