The pair continues to trade positively around the barrier of 111.00, where a breach of and consolidation above this level are positive signs that supports the upside move over intraday basis. In general, the positive effect of the bullish technical structure that was completed with the breach of 109.95 is still valid, which in return drives us to expect an intraday upside move today. A 4-hour closing above 111.05 is required to confirm our expectations.
The trading range for today is among the major support at 109.95 and the major resistance at 113.40.
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 111.05, targeting 111.90 and 113.40 and stop loss below 109.95 might be appropriate today|