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The pair declined yesterday breaching critical areas, of which was the 38.2% correction shown above. Today Stochastic is oversold alongside consolidation upon 50% correction, which might trigger an upside correction where the pair will reverse to the downside once again; targeting 61.8% correction at 109.60.
The trading range for today is among key support at 108.25 and key resistance now at 113.60.
The general trend over short term basis is to the downside targeting 97.90 as far as areas of 132.50 remain intact.
Support110.00109.60109.20108.90108.25Resistance110.90111.05111.35111.60112.00RecommendationBased on the charts and explanations above, our opinion is selling the pair around 111.05 targeting 109.60 and stop loss above 112.00 might be appropriate