The pair is stable above the breached critical resistance, which turned into support at 107.25. This should support our intraday upside expectations to remain valid, targeting mainly areas around 109.95, the suggested neckline of the under-formation bullish technical pattern. The negativity seen on momentum indicators could trigger fluctuations are the current levels, noting that a breach of 107.25 and stability below it could extend the downside correction.
The trading range for today is among the major support at 106.90 and the major resistance at 109.95.
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 hourly closing above 108.70, targeting 109.95 and 110.95 and stop loss below 107.90 might be appropriate|