Click on the image for a larger view
The pair has been trapped within a very tight range since the opening of this week; whilst yesterday's candlesticks patterns reflected a case of indecision due to the oversold sign on RSI 14. Consequently, we still believe that there is a chance for retesting the previous broken horizontal support of the continuation classical pattern -descending triangle- before resuming the downtrendtargeting 77.10-77.10 zones. Vortex supports our constructive classical outlook.
The trading range for today is among key support at 77.45 and key resistance now at 80.65.
The general trend over short term basis is to the upsidetargeting 87.45 as far as areas of 76.40 remain intact.
|Recommendation||Based on the charts and explanations above our opinion is, selling the pair around 79.55 targeting 77.45 and stop loss above 80.90 might be appropriate.|