The pair declined sharply yesterday after reaching the resistance level of the symmetrical triangle pattern shown above, but the pair is also stable within this pattern, trading above the support of 108.90. The mentioned pattern is a continuation pattern that supports the continuity of the upside move today. Our main target is at the resistance of this pattern at 111.05. A breach of 108.90 weakens the upside move significantly.
The trading range for today is among the major support at 108.90 and the major resistance at 111.05.
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 108.90, targeting 109.95 and 111.05 and stop loss with 4-hour closing below 108.25 might be appropriate|