We will go back in time to the harmonic pattern that was the influence behind the bullishness, which is the Bat Pattern. Currently, the pair is stable above the harmonic resistance and also above top A & C, and according to harmonic consecutive target rules, testing areas of 127.25 correction of CD is now valid. Therefore, we expect further bullishness to test 117.65 a breach of which is sufficient to strongly extend the upside wave. Stability above 115.00 is essential for our expectations to prevail.
The trading range for this week is among key support at 114.25 and key resistance now at 118.70.
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 116.30 targeting 118.25 and stop loss with four-hour closing below 115.00 might be appropriate|