The pair found solid support around the pivotal support level of 107.60, while Stochastic is moving inside oversold areas as it attempts to positivelycrossover, seen on the provided four hour-chart. The probability of forming a reversal classical pattern increases gradually but a break of 108.30 zones is needed to confirm the possible upside recovery over intraday basis.
The trading range for today is among key support at 105.90 and key resistance now at 110.85.
The general trend over short term basis is to the downside, targeting 97.90 as far as areas of 132.50 remain intact.
Support107.60107.25106.85106.50105.90Resistance108.30109.00109.50110.00110.50RecommendationBased on the charts and explanations above our opinion is, buying the pair with a breakout above 108.30 targeting 110.00 and stop loss below 106.85 might be appropriate.