The pair is at very critical areas at 112.10-30 which is the main resistance for the downside wave that is very close to a falling wedge (which is a bullish pattern) where the pair is trading below those areas; failure to breach those areas will push the pair again to the downside. Stochastic is positive but close to overbought areas and breaching those areas will support the continued upside move. Therefore,we expect an upside move if the pair provided a four-hour closing above 112.30 and failure to provide so will keep us neutral on the pair.
The trading range for today is among key support at 109.65 and key resistance now at 114.40.
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 pair with four-hour closing above 112.30 targeting 114.40 and stop loss with four-hour closing below 111.20 might be appropriate today|