Morning Report

In line with our previous analysis, the pair inclined attacking 23.6% Fibonacci retracement of the entire downside rally from 80.20 to 75.90 at 75.95 as seen on the provided four-hour graph. It succeeded in closing positively above the resistance line of the falling wedge pattern, while we can see how a positive divergence is appearing on MACD traditional. Therefore, we hold onto our bullish prediction over intraday basis, supported by the above seen Elliott sequence. A break of 76.95 will confirm the bullish scenario; whilst breaching through 75.80 will negate it.

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 76.40 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.