In accordance with our previous report, the pair succeeded in breaching the resistance levels of the trading range areas, affected by the positive crossover of Stochastic and the bullish harmonic structure. This breakout assisted it to approach the technical objective at 111.45. Now a slight correctional movements to relieve Stochastic might occur before resuming the upside rally of the harmonic formation. The daily candlestick pattern-secondary image- supports our outlook.
The trading range for today is among key support at 107.60 and key resistance now at 113.65.
The general trend over short term basis is to the downside, targeting 97.90 as far as areas of 132.50 remain intact.
Support110.50110.00109.45108.50107.60Resistance111.25111.90112.10112.85113.65RecommendationBased on the charts and explanations above our opinion is, buying the pair around 110.30 levels targeting 112.10 and stop loss below 108.90 might be appropriate.