Stability of 110.25 areas triggered and upside move yesterday and continues today, yet on the chart above we see that the pair is still trading below critical levels, which represent the neckline for the bearish pattern shown above. Stability below 112.30 will keep the possibility for the pair to return to the downside valid; consolidation above those areas might trigger a strong upside move negating our intraday bearish expectations.
The trading range for today is among key support at 108.45 and key resistance now at 114.25.
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 selling the pair around 111.80 targeting 108.25 and stop loss above 112.70 might be appropriate|