Morning Report

From our yesterday's detected support -entry point- at 77.10 to the suggested technical objective at 79.20, the pair soared, where it is currently approaching the key resistance-previous broken support- of 79.55. Actually, we will use the daily time scale today, where we can see the positivity appearing on momentum indicator-RSI 14- and the obvious bullishness appearing on trend indicator- AROON- while SMA 50 -currently valued at 79.80- becomes very close. Hence, we hold onto our bullish predictions over intraday basis and a break of 79.55 will confirm the presentaggressive recovery. Technical targets are seen around 61.8% Fibonacci retracement of the downside rally from 85.50 to 76.25 zones since 23.6% has been penetrated and 38.2% is under attack.

The trading range for today is among key support at 77.10 and key resistance now at 81.45.

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


Weekly Report

RecommendationBased on the charts and explanations above our opinion is, buying the pair above 79.55 targeting 81.95 and stop loss below 77.75 might be appropriate.