Morning Report

In line with our yesterday's suggested scenario, the pair succeeded in attacking the key resistance level of 77.20 as seen on the provided four hour graph. We can see how it also succeeded in achieving two closings above SMA 20; thus, we still believe that the bullishness may dominate the movements of the pair over intraday basis, supported by the mixture between classical probability of forming head and shoulders bottom pattern and the previous explained Elliott sequence from 80.20 zones. Of note, breaching through 76.95-77.20 areas will bring strong buying interests.

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.

Previous Report

Weekly Report

RecommendationBased on the charts and explanations above our opinion is, buying the pair above 76.95 targeting 78.80 and stop loss below 75.80 might be appropriate.