The pair moved to the upside after reaching areas around the support at 112.30 and we can see the downside bias today. The effect of the bullish Bat Pattern is still seen, where the pair is stable above 61.8% correction of CD and thereby increasing the likelihood of an upside move towards 76.4% correction, and with breaching the latter the pair will target 114.40 and 115.40. Stability above 112.10-30 will support the upside move and only fails with the return below 111.20.
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 around 112.80 targeting 114.40 and stop loss with four-hour closing below 111.60 might be appropriate today|