The pair consolidated above the pivotal support areas of 111.80-111.60 as seen on the provided four hour graph. The obvious negative sign of AROON and overbought sign of RSI 14 may assist it to breach the support of 112.10 in the second attempt, while this awaited breakout will help it to penetrate 111.80-111.60 to continue forming the CD leg of the suggested harmonic 5-0 pattern. In result, we hold onto our negative scenario over intraday basis.
The trading range for today is among key support at 110.50 and key resistance now at 114.75.
The general trend over short term basis is to the downside, targeting 97.90 as far as areas of 132.50 remain intact.
Support112.10111.60111.05110.50110.00Resistance112.40112.80113.15113.60114.25RecommendationBased on the charts and explanations above our opinion is, selling the pair with a breakout below 112.10 targeting 110.00 and stop loss above 113.80 might be appropriate.