After publishing yesterday's midday report, the pair has achieved one more technical attempt to breach the pivotal resistance of 76.95 as seen on the provided four-hour chart. Actually, it failed to penetrate this level once more actuating Stochastic to overlap negatively. Despite being trapped within tight range, but Stochastic is quickly approaching oversold areas, while struggle continues around SMA 20. In the interim, MACD couldn't give off a clear sign; thus, we are forced to stay aside over intraday basis until it breaches 76.95 to activate the suggested Elliott count. Be careful as a break back below 75.80 will damage this cycle.
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 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.|