The pair is fluctuating heavily around the retest level of 109.95, where the pair is still above this level over daily basis, which also supports our intraday upside move to remain valid, targeting mainly the pivotal resistance at 111.15. A breach of this resistance should support the upside move to extend over intraday basis. Consolidation above 109.95 is necessary for our positive outlook to prevail.
The trading range for today is among the major support at 108.95 and the major resistance at 112.65.
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 around 109.95, targeting 111.10 and 111.90 and stop loss below 108.95 might be appropriate|