The pair closed the session yesterday above the resistance of the descending channel as shown above, while Stochastic continues to provide positive signs over daily basis. Therefore, we suggest the intraday upside move to continue today, targeting mainly the critical resistance at 109.95. Consolidation above 107.25 is necessary for the suggested positive scenario to remain valid.
The trading range for today is among the major support at 107.25 and the major resistance at 110.95.
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 with an hourly closing above 108.70, targeting 109.95 and stop loss below 107.90 might be appropriate|