Morning Report

The pair is unable to stabilize with 4-hour closing above 76.95, which is capable of confirming the suggested Elliott count, where the mentioned level represents the Simple Moving Average 20 and also 23.6% Fibonacci correction of the impulsive wave, which started from the top around 80.22 towards the bottom at 75.93. A breach of the mentioned bottom could force negative pressures on the pair yetin general a 4-hour closing above 76.95 is awaited to support the upside movement.

The trading range for today is among the major support at 74.80 and the major resistance at 78.10.

The short-term trend is to the upside as far as 75.20 remains intact, targeting 87.45.

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Weekly Report

RecommendationBased on the chart and explanations above, we recommend buying the pair with 4-hour closing above 76.95, targeting 78.10 and stop loss below 75.80 might be appropriate.