The pivotal support areas of 109.45-76.4% Fibonacci from 108.05 to 113.35- hold strongly once more and the pair succeeded in closing above it comfortably this week reviving that it might act as a technical base, which could activate the scenario of forming the CD leg of the AB=CD pattern. AROON started to give a bullish sign; forcing a potential upside movements could be seen during this week and we recommend reviewing the classical outlook, attached in the link below.
The trading range for this week is among key support at 107.60 and key resistance now at 114.75.
The general trend over short term basis is to the downside, targeting 97.90 as far as areas of 132.50 remain intact.
Support110.00109.45108.50108.05107.60Resistance110.85111.60112.10112.85113.60RecommendationBased on the charts and explanations above our opinion is, buying the pair around 110.00 targeting 112.80 and stop loss below 108.05 might be appropriate.