The pair breached the main resistance for the downside move which sent the pair strongly to the upside yesterday. Momentum indicators are overbought which might trigger a downside correctional move before resuming the upside move affected by the positive breach. Therefore, we remain neutral for now until the pair unloads the negative momentum, as well as confirm stability above 108.80.
The trading range for today is among key support at 108.40 and key resistance now at 113.65.
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, we remain neutral until we attain more confirmations|