The pair is trading with a slight downside bias approaching the support of the ascending channel at 107.00 , where we expect a bullish rebound from that support. Therefore, we expect an intraday bullish move targeting initially 109.00 supported by the 50 EMA, the expectations will remain valid so long as the support level remains intact.
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 107.00 targeting 108.25 and stop loss with hourly closing below 106.20 may be appropriate for today.|