The pair continues to trade positively, providing more attempts to settle above the critical barrier of 108.70, where the negativity seen on momentum indicators prevents the pair from extending the upside move, while consolidation above the previously breached main resistance supports our intraday upside expectations to remain valid. Our main target is at 109.95, while a breach of this level should activate the positive impact of the bullish technical structure. On the other hand, a breach of 107.10 should weaken our positive outlook and trigger a downside movement.
The trading range for today is among the major support at 107.10 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 hourly closing above 108.70, targeting 109.95 and 110.95 and stop loss below 107.90 might be appropriate|