As discussed yesterday in the midday report, the pair inclined affected by the proposed Elliott count, where we believe that the fifth wave is truncated and it is presently achieving the upside recovery. A breakout above 107.60-107.80 could accelerate the awaited bullish movements; targeting 109.45 zones. To recap, we still keep our positive overview unchanged as far as 105.30 remains intact.
The trading range for today is among key support at 105.30 and key resistance now at 109.45.
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 pair around 107.05 targeting 109.00 and stop loss below 105.60 might be appropriate.|