The pair's movement is still limited within a symmetrical triangle pattern as shown above on the chart, where as this pattern is a continuation pattern in nature, we expect the intraday upside move to continue today, but breaching the pivotal resistance is required to confirm our expectations. These targets are at 109.95 and then 111.00. A breach of 108.95 should negate the effect of the mentioned triangle.
The trading range for today is among the major support at 108.25 and the major resistance at 111.00.
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 108.95, targeting 109.95 and 111.00 and stop loss with 4-hour closing below 108.25 might be appropriate|