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The risk limit for yesterday's expectations was 112.00, and according to the analysis the risk limit triggers a strong reversal and accordingly, we expect an upside move for today. Consolidating yesterday at 50% correction shown above provides the possibility for the formation of a new bullish channel. Stochastic is overbought and signals a bearish reversal which might increase the volatility but trading above 23.6% correction at 111.95 signals strongly the upside move while as far as trading is above 110.15 the bullishness is intact.
The trading range for today is among key support at 110.15 and key resistance now at 114.00.
The general trend over short term basis is to the downside targeting 97.90 as far as areas of 132.50 remain intact.
Support111.60 111.35 110.90 110.15 109.60 Resistance112.65 112.95 113.15 113.60 114.00 RecommendationBased on the charts and explanations above, our opinion is buying the pair around 111.35 targeting 114.00 and stop loss below 110.15 might be appropriate