Although the pair is presently attempting to offer a positive sign on MACD traditional indicator in addition to closing positively above SMA 20 but the over all movements are trapped within a very tight range. Henceforth, we keep ourneutralityintact over intraday basis; noting that a break of 76.95 will bring the bullish picture of the numerously discussed Elliott count back into focus, while 75.80 should act as a floor to protect it.
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 upside, targeting 87.45 as far as areas of 75.20 remain intact.
|Recommendation||Based on the charts and explanations above our opinion is, staying aside until an actionable setup presents itself to pinpoint the upcoming big move.|