The pair declined during the previous two sessions, retesting the uptrend line that carries the momentum indicator as seen on the provided daily chart. We still believe that it could move higher over intraday basis as it needs to place b wave as we discussed earlier. There another classical probability, where a potential inverted head and shoulders could be seen over short term basis. We shouldn't see a breakout neitherbelow 110.50 over intraday basisnor below 109.50-109.05 zones over short term basis to keep our positive overview valid.
The trading range for today is among key support at 109.50 and key resistance now at 114.70.
The general trend over short term basis is to the downside, targeting 97.90 as far as areas of 132.50 remain intact.
