Tranquility still dominates the movements of the pair since the opening of this week, where we still believe that the suggested Elliott sequence offers the probability of starting C wave sooner. We are not sure yet whether B wave has been placed earlier at 76.50 zones or it is still in progress. But, we can see potential slant positive divergence On MACD traditional indicator; of course, it is still underway and it needs more confirmation. Breaching through SMA 20 at 76.85 will ease the path for re-attacking 23.6% Fibonacci retracement of the entire downside rally from 80.20. Of note, breaching 77.20 will accelerate the possible bullishness.
The trading range for today is among key support at 75.25 and key resistance now at 78.80.
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 76.85 targeting 78.80 and stop loss below 75.80 might be appropriate.|