The pair consolidated above 110.05 and 109.65 and accordingly we are reconsidering the expectations in our weekly report. The pair is forming a bullish Bat pattern and currently stabilized above the first target at 38.2% correction at 110.05; thus, further bullishness is expected for today towards the second target at 61.8% correction at 112.15. Stability above 108.75 with daily closing is required for the expectations to remain valid.
The trading range for today is among key support at 106.80 and key resistance now at 113.30.
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 110.40 targeting 113.30 and stop loss below 108.75 might be appropriate|