The pair is trading positively, approaching now the most critical level over intraday basis at 109.95, where a breach of this level should activate a bullish technical structure shown above on the chart. We expect the intraday upside move to continue today, supported by the consecutive daily closings above the previously breached resistance level of the descending channel. A clear breach of 109.95 and stability above it is necessary to confirm our expectations. Our targets start at 110.95, moving towards 111.90 after then.
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 4-hour closing above 109.95, targeting 110.95 and 111.90 and stop loss below 108.95 might be appropriate|