The pair is still moving within the ascending correctional channel shown above, while SMA 50 supports the pair from below. In general, the upside bias remains valid this week, supported by the positivity seen with the opening today. Our main targets are at 104.25 and then 106.00, but stability above 101.40 is required for our expectations to prevail.
The trading range for this week is among the major support at 101.00 and the major resistance at 105.15.
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 102.25, and taking profit at 103.80 and 104.80 and stop loss below 101.40 might be appropriate this week|