The recently established support of 112.20 forced the pair to show some kind of consolidation but we can see that this consolidation remains below the previous broken support line of our captured rising wedge pattern. Thus, the bearishness of our classical studies remains in favor over intraday basis; whilst a break of 112.20 will bring panic selling pressure.
The trading range for today is among key support at 111.05 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.
Support112.80112.40112.20111.60111.05Resistance113.65114.00114.25114.75115.40RecommendationBased on the charts and explanations above our opinion is, selling the pair around 113.25 targeting 111.60 and stop loss above 114.80 might be appropriate.