The pair is still caught between the SMA 50 and the retest for the breached descending channel's resistance at 81.00; meanwhile, Stochastic continues to offer positive signs supporting the continuation of the upside correction that started with the breach of the aforesaid areas. Therefore, we favor the upside move for today towards targets from 83.50 which requires stability above 81.00 and a clear breach of 82.55.
The trading range for today is among the major support at 80.75 and the major resistance at 83.50.
The short term trend is to the downside as far as 89.35 remains intact with targets at 77.70.
|Recommendation||Based on the charts and explanations above our opinion is buying the pair around 81.05 targeting 82.55 and stop loss below 80.25 might be appropriate|