The pair extended its awaited downside correction to touch 76.30 zones as seen on the provided four-hour graph. Actually, these bearish actions have created a support line for a potential falling wedge, while the place of B wave for our suggested Elliott sequence is reconsidered. The resistance line of this falling wedge pattern should be breached to confirm the awaited reversal, but breaching 75.80 will negate the Elliott cycle completely.
The trading range for today is among key support at 75.25 and key resistance now at 77.90.
The general trend over short term basis is to the upsidetargeting 87.45 as far as areas of 76.40 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.|