Consolidation continues above the initial support of 75.90-75.80; whilst the positive divergence appearing on RSI 14 is still in progress. AROON indicator is still negative, but it started to show a sign of weakness for the bearish trend. Henceforth, we still see chances for achieving a bullish recovery, targeting SMA 50. In the interim, SMA 20-colored in green- should be cleared to solidify our bullish overview.
The trading range for today is among key support at 75.80 and key resistance now at 78.45.
The general trend over short term basis is to the upside, targeting 87.45 as far as areas of 75.20 remain intact.
|Recommendation||Based on the charts and explanations above our opinion is, buying the pair above 77.20 targeting 79.55 and stop loss below 75.80 might be appropriate.|