The pair is presently trading around very sensitive areas- previous broken support- as seen on the provided four hour chart. AROON is giving off a clear bullish sign, but SMA 50 provides a good coverage for the bearishness which we caught with breaching the neckline of the classical pattern. Actually, the pair succeeded in reaching the detected technical areas on Monday and now, we are not completely sure if the upside recovery will continue or this upside move is a preparation for reaching the extended technical targets of the classical pattern. Thereby, our outlook will be neutral over intraday basis. A break back below 118.65 will bring additional bearishness; whilst 120.70 will be the ceiling for the bearish scenario.
The trading range for today is among key support at 115.90 and key resistance now at 122.75.
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, staying aside until a clearer sign appears to pinpoint the upcoming big move.|