The pair is currently struggling around SMA 20 as seen on the provided four hour chart. Our graph shows how the pair has been trapped within a very tight range, signaling that a price explosion is underway. Stochastic may force it to show some kind of bounce before hitting 23.6% Fibonacci of the downside rally from 80.20 to 75.90. Our positive technical scenario which is based on the proposed Elliott count and the classical overview requires breaching through the initial resistance of 77.20 to be confirmed.
The trading range for today is among key support at 75.25 and key resistance now at 78.45.
The general trend over short term basis is to the upsidetargeting 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.|