The psychological level of 120.00- the target which we followed during the previous two weeks- caused some kind of technical pause since the pair didn't show any big move since the opening of this week. Therefore, we keep our suggested bullishtechnical mixture Elliott and classical intact over intraday basis. Actually, we don't want to be astonished of we witnessed a downside correction as if that occurred, it will assist the pair to relieve the momentum indicators. For more details about the suggested Elliott sequence and the classical pattern, we recommend reviewing the weekly report.
The trading range for today is among key support at 115.90 and key resistance now at 122.45.
The general trend over short term basis is to the downside, targeting 97.90 as far as areas of 132.50 remain intact.
Support119.10118.65117.85116.75115.90Resistance120.00120.50121.05122.45123.35RecommendationBased on the charts and explanations above our opinion is, buying the pair around 119.10 targeting 122.40 and stop loss below 117.20 might be appropriate