The pair was able to settle above the previously breached minor resistance shown above in blue, while SMA 50 supports the pair from below. Therefore,we expect an upside move this week, targeting 102.55 and then 103.50, while consolidation above 99.70 is necessary for our expectations to prevail.
The trading range for this week is among the major support at 99.00 and the major resistance at 103.50.
The short-term trend is to the downside as far as 123.30 remains intact, targeting 94.80.
|Recommendation||Based on the chart and explanations above, our opinion is buying the pair around 100.25, and taking profit at 102.55 and 103.50 and stop loss with 4-hour closing below 99.25 might be appropriate today|