The pair tests now the previously breached level of 107.00, where Stochastic is negative over daily basis, while SMA 50 protects the mentioned retest level. In general, we suggest an upside move this week, targeting mainly 109.45. A breach of 107.00 might postpone our suggested scenario.
The trading range for this week is among the major support at 105.80 and the major resistance at 110.50.
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 107.00, targeting 108.45 and then 109.45 and stop loss above 105.85 might be appropriate|