The pair is still moving within the same trading range since the week's opening but we see how the secondary bullish channel is still dominating the movements of the pair. All what the pair needs today is a four-hour closing above 111.65 zones to achieve the potential upside movements while a break of 112.10 will ease the path towards 113.60 zones-the upper line of the trading range-. RSI 14 still has northern targets to reach.
The trading range for today is among key support at 110.00 and key resistance now at 114.40.
The general trend over short term basis is to the downside, targeting 97.90 as far as areas of 132.50 remain intact.
Support111.35110.50110.00109.45109.05Resistance111.65112.10112.80113.15113.60RecommendationBased on the charts and explanations above our opinion is, around 111.40 targeting 113.15 and stop loss below 109.95 might be appropriate.