The pair is moving within a very tight range and as we discussed earlier, this is the nature of the corrective waves. We still believe that second wave of the bigger B is in progress, whilst the uptrend line of the momentum is still protecting RSI 14. Therefore, we still see chances for achieving additional bullishness towards 114.75-115.25 zones, where a neckline of an inverted head and shoulders pattern exists. This mixture between Elliott count and classical patterns argues us to hold onto our positive anticipations over intraday basis.
The trading range for today is among key support at 111.05 and key resistance now at 115.75.
The general trend over short term basis is to the downside, targeting 97.90 as far as areas of 132.50 remain intact.
