Morning Report

After touching 77.70 resistance the pair pulled back again to trade near 77.20 support. Trading above the 20 SMA and the ascending support shown on image shows how the pair is slightly biased to the upside, we still target 88.70 as the next target for the pair to complete the ABC zigzag correction of our Elliott wave count. Breaching the latest high at 77.70 will accelerate the move.

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 upsidetargeting 87.45 as far as areas of 75.20 remain intact.

Weekly Report

Previous Report

RecommendationBased on the charts and explanations above, our opinion is buying the pair around 77.20, targeting 79.55 and stop loss below 75.80 might be appropriate.