The pair tested the second target for the bullish Bat Pattern as we expected yesterday, and now Stochastic is overbought which might increase the volatility and some downside movement. At the same time, the pair is still capable of moving towards the extended first target at 76.4% correction of CD leg. In general, we still see the upside potential valid; and to see the support for our expectations to extend the targets more details will be providing in the coming report.
The trading range for today is among key support at 108.00 and key resistance now at 114.60.
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 111.05 targeting 113.30 and stop loss below with four-hour closing below 109.65 might be appropriate|