The descending IM rally from 114.72 zones has offered the probability of forming four waves and the pair is presently, seeking for good support areas to place the fifth wave. Stochastic shows an obvious positive sign but we can't depend on it alone to predicate an upside recovery; thereby, our outlook will be neutral today until we see if the fifth wave will be normal or it will be truncated due to the oversold case.
The trading range for today is among key support at 104.35 and key resistance now at 108.50.
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, waiting until a clear sign to appear in order to pinpoint the coming big move.|