A stable move above the middle line of Keltner channel is to clarify that, the positive effect of the suggested reversal classical pattern is still in favor and more bullishness might be underway over intraday basis to test the neckline of the pattern at 113.60. AROON down- colored in red started to stabilize below the value of 70.00, confirming that the bearish trend is losing its momentum.
The trading range for today is among key support at 109.00 and key resistance now at 115.00.
The general trend over short term basis is to the downside, targeting 97.90 as far as areas of 132.50 remain intact.
Support111.60111.35110.50110.00109.50Resistance112.10112.85113.15113.60114.00RecommendationBased on the charts and explanations above our opinion is, buying the pair around 111.60 targeting 113.55 and stop loss below 110.00 might be appropriate.