Stochastic is presently moving inside the overbought areas and that is why we think that the pair could re-test the pivotal support areas of 107.70 before resuming the projected upside rally over intraday basis. SMA 50 is still acting as a solid floor that carries the movements of the re-action for the IM wave of the suggested Elliott count. We recommend reviewing Eye on the pair report to get deeper overview.
The trading range for today is among key support at 106.20 and key resistance now at 110.00.
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 107.75 targeting 109.80 and stop loss below 106.20 might be appropriate.|