In accordance with our yesterday's classical scenario of the double bottom formation which we discussed in details, the pair soared, breaching the neckline of the suggested pattern. Now, a re-testing action for the neckline areas might occur before resuming the potential bullishness over intraday basis. Stochastic supports this retesting action.
The trading range for today is among key support at 107.25 and key resistance now at 112.80.
The general trend over short term basis is to the downside, targeting 97.90 as far as areas of 132.50 remain intact.
Support109.40109.00108.30108.00107.25Resistance110.50110.85111.35112.10112.80RecommendationBased on the charts and explanations above our opinion is, buying the pair around 109.40 targeting 111.35 and stop loss below 108.00 might be appropriate.