The pair has found a very solid support above 110.50 zones as seen on the provided four-hour chart. The ascending upside rally from the recorded trough of 108.05 to 113.40 zones offers the probability of forming an impulsive upside wave, where 4 waves are completed already and it looks as if the pair is preparing for forming the fifth wave. A breakout above 111.60 zones is needed to confirm this scenario otherwise we will reconsider our suggested positive overview.
The trading range for today is among key support at 108.50 and key resistance now at 113.60.
The general trend over short term basis is to the downside, targeting 97.90 as far as areas of 132.50 remain intact.
Support110.50110.00109.45109.00108.50Resistance111.35111.60112.10112.85113.60RecommendationBased on the charts and explanations above our opinion is, buying the pair with a breakout above 111.60 targeting 113.60 and stop loss below 110.40 might be appropriate.