The pair settled above SMA 50 and then rebounded in attempts to return to the upside track. Consolidation above SMA suggests an intraday upside move today, but a clear breach of 108.00 and then stability above 106.85 are necessary for our expectations to prevail.
The trading range for today is among the major support at 106.35 and the major resistance at 109.45.
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 108.00, targeting 109.45 and then 109.95 and stop loss with 4-hour closing below 106.85 might be appropriate|