Nothing changed since yesterday as the pair is still stabilizing below the initial psychological levels of 110.00 and thus, our suggested Elliott sequence is still valid. RSI 14 is still trending downwards and that is why we hold onto our bearish anticipations, targeting 107.30 zones, where the third internal wave of bigger B wave should place a short term bottom.
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.
Support109.45109.05108.40108.00107.30Resistance110.00110.50111.05111.60112.10RecommendationBased on the charts and explanations above our opinion is, selling the pair around 110.25 targeting 108.25 and stop loss above 111.70 might be appropriate.