The pair has extended the awaited downside correction towards 76.50 zones where Stochastic was fixed as well. Now, we need to witness one more stable move above SMA 20-colored in green- followed by 76.95-77.20 areas to make sure that the pair has already built a solid floor to move higher over upcoming sessions. A break of 75.80 with a daily closing will damage our suggested Elliott count which is still valid until the moment.
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 upside, targeting 87.45 as far as areas of 75.20 remain intact.
|Recommendation||Based on the charts and explanations above our opinion is, buying the pair around 76.60 targeting 78.45 and stop loss below 75.80 might be appropriate.|