Market has been trapped within a very tight range since yesterday, while it continued trading around the pivotal support of 76.75 as seen on the provided daily graph. It seems that there will be a chance for drawing a double bottom. As we discussed earlier that, it is too early to judge on the classical pattern, but chances for confirming this positive classical scenario will increase if it penetrated 77.40 zones. Meanwhile, areas of 76.25-76.00 should protect our bullish 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.
|Recommendation||Based on the charts and explanations above our opinion is, buying the pair above 77.40 targeting 79.55 and stop loss below 76.00 might be appropriate.|