The consecutive positive closing above SMA 20-colored in green- should be seen as bullish price behaviors. Now, we need to witness one closing above the key resistance level of 76.95 to activate our suggested bullish scenario. We still believe thatthe 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 zone. Of note, MACD is on its way to give us a positive signal.
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 76.95 targeting 78.80 and stop loss below 75.80 might be appropriate.|