The pair is still moving within the trading range, which has been started on August 11 as the pair is currently moving around the pivotal support levels of 109.25, which in our technical opinion could send the pair to the upside over intraday basis. Stochastic is attempting to crossover positively and that is why we think that the duplicated harmonic structure is still valid.
The trading range for today is among key support at 107.30 and key resistance now at 111.60.
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 109.30 targeting 111.05 and stop loss below 108.00 might be appropriate.|