For the second week the pair is trading within the narrow flat, limited by the upper border of the blue channel D1, which has been determining the pair dynamics for more than a year, and the upper border of the lower black channel.
The pair dynamics was not significantly affected by positive publications of US Nonfarm Payrolls and Japan Monetary Base (YoY) data yesterday. Such concentration of the price will definitely result in the high , but it needs a strong fundamental catalyst to appear. The US employment market data, which will be published today at 14:30 (GMT+2), can become such a momentum.
Today the growth of the pair is expected.
Support levels: 111.20, 110.20, 108.90, 107.40.
Resistance levels: 112.20, 113.30, 114.00, 115.00.
Open long positions at the current price with the target at 112.20, 113.30 and stop loss at 111.00.
Sell the pair below the level of 111.00 with the target at around 110.20, 109.00 and stop loss at 111.60.