The pair failed again to maintain levels above 115.60-115.90 zones, where the neckline of our suggested rounding bottom exists. It also needs additional bullish momentum to be able to breach these cluster resistance areas in order to activate the completion of the above seen Elliott sequence. To recap, if we witnessed a daily closing above 115.90, the path will be cleared towards our previous suggested soft technical target at 120.00; otherwise we will be neutral.
The trading range for today is among key support at 111.90 and key resistance now at 118.25.
The general trend over short term basis is to the downside, targeting 97.90 as far as areas of 132.50 remain intact.
Support114.25113.60112.80112.40111.90Resistance115.00115.90116.30116.80118.25RecommendationBased on the charts and explanations above our opinion is, buying the pair with a daily closing above 115.90 targeting 120.00 and stop loss below 112.80 might be appropriate.