The pair was trading positively for the past three days inline with our expectations based on the bullish Bat Pattern. This formation remains valid and the pair is trading above the second target at 61.8% correction of CD leg at 112.05. Therefore, we expect to see further upside movement for today to retest 76.4% of CD and attempt to stabilize above it to head towards 114.40 and maybe 115.40 as shown above.
The trading range for today is among key support at 110.05 and key resistance now at 115.40.
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 around 112.50 targeting 114.40 and stop loss with four-hour closing below 111.60 might be appropriate|