The pair soared, closing above the initial resistance areas of 113.60, claiming that the CD leg of AB=CD pattern is to continue, supported by three positive technical factors as follows:
1- The stable move above SMA 50.
2- Alligator forces us to keep it positive.
3- The long white candlestick pattern.
Henceforth, we believe that the pair could be dominated by bullish movements over intraday basis.
The trading range for today is among key support at 111.05 and key resistance now at 116.55.
The general trend over short term basis is to the downside, targeting 97.90 as far as areas of 132.50 remain intact.
|Recommendation||Based on the charts and explanations above our opinion is, buying the around 113.60 targeting 115.40 and stop loss below 112.10 might be appropriate.|