The pair is still stable above the previously breached descending channel, which supports the expected intraday upside move to remain valid, while momentum indicators are negative, pressure the expected incline. SMA 50 supports the bullish wave from below, noting that consolidation above 107.80 is necessary for our expectations to prevail.
The trading range for today is among the major support at 106.95 and the major resistance at 110.75.
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 107.80, and taking profit at 108.90 and then 109.75 and stop loss below 106.95 might be appropriate|