The pair continues to trade within the ascending channel over four-hour basis, while the 50 EMA is supporting price form the downside. Accordingly, we maintain our expectations for an upside move today targeting initially 109.20 and requires stability above 106.75.
The trading range for the day may be among the 105.50 support and 109.60 resistance.
The short term trend is to the downside targeting 94.80 so long as 123.30 remain intact.
|Recommendation||Based on the charts and explanations above we recommend buying the pair around 106.75 targeting 108.25 and stop loss with hourly closing below 106.20 may be appropriate for today.|