In accordance with our yesterday's suggested scenario, Stochastic was relieved successfully as seen on the provided four-hour chart. Now, a positive crossover is captured, reviving that 38.2% Fibonacci level is strong support enough to push the pair to the upside, attempting to breach the upper line of the CT formation of the short term Elliott sequence. Thereby, we hold onto the positive scenario over intraday basis.
The trading range for today is among key support at 131.60 and key resistance at 139.75.
The general trend over short term basis is to the downside, targeting 118.80 as far as areas of 150.75 areas remain intact.
Support134.60134.10133.60133.15132.50Resistance135.50136.20136.80137.30138.60RecommendationBased on the charts and explanations above our opinion is, buying the pair around 134.60 targeting 137.25 and stop loss below 132.50 might be appropriate.