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The pair declined yesterday but returned to the upside after failing to breach and stabilize below 111.55; at the same time we see scattered resistance levels among 113.00 and 113.15 which are still restricting upside attempts by the pair, which is also outside the ascending channel shown above. Therefore, we expect the pair to attempt again to decline since it's unable to stabilize above the resistance area mentioned.
The trading range for today is among key support at 110.00 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.
Support112.00111.60111.35111.05110.50Resistance112.65112.95113.15113.60114.00RecommendationBased on the charts and explanations above, our opinion is selling the pair around 112.20 targeting 110.50 and stop loss above 113.15 might be appropriate