The pair is trapped within a narrow range, forming a bearish candlestick formation over four hour interval as seen on the secondary image. Additionally, SMA 50 shows the solidity of the resistance levels around 111.05 and thus, we still see chances for achieving the awaited bearishness to complete the bigger B wave when its internal third wave or rather the internal c of the suggested flat correction is completed. Consequently, the bearishness is still in favor over intraday basis but not before breaching the initial support levels around 110.00-109.90 decisively.
The trading range for today is among key support at 107.30 and key resistance now at 113.60.
The general trend over short term basis is to the downside, targeting 97.90 as far as areas of 132.50 remain intact.
Support110.00109.45109.05108.50108.00Resistance111.05111.60112.10112.40113.15RecommendationBased on the charts and explanations above our opinion is, selling the pair with a breakout below 109.90 targeting 108.00 and stop loss above 111.60 might be appropriate.