The pair is stable above the previously breached resistance of the descending channel, which turned into support at 107.70, while SMA 50 supports the pair from below. Therefore, we expect an upside move today, targeting mainly 108.90 and then 109.75, but stability above 107.70 is necessary to maintain our positive outlook.
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 107.70, and taking profit at 108.90 and then 109.75 and stop loss below 106.95 might be appropriate|