Morning Report

Normal anticipated consolidation is seen on the provided four hour graph. It seems that, the market is still building a solid technical base in order to draw the awaited A-B-C recovery for the IM Impulsive wave. Thepositivedivergence appearing on RSI 14 could be another bullish sign that reactionary waves (A-B-C)are under preparation. A break of 78.05 may accelerate the bullishness. On the downside, breaching through 76.40 will trigger a panic selling pressures and will damage thebullish outlook.

The trading range for today is among key support at 75.25 and key resistance now at 79.55.

The general trend over short term basis is to the upside, targeting 87.45 as far as areas of 76.40 remain intact.

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Weekly Report

RecommendationBased on the charts and explanations above our opinion is, buying the pair at 77.10 targeting 79.20 and stop loss below 75.60 might be appropriate.