The heavy buying saturation on momentum indicators is the main pressure hindering the pair from reaching 127.2% correction of CD of the suggested harmonic formation. Steadily trading above A & C tops signals that the validity of opportunity for the pair to reach those areas at 117.65. Breaching the latter will extend the upside move which requires stability above 115.90-60.
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 116.80 targeting 118.25 and stop loss with four-hour closing below 115.60 might be appropriate|