Morning Report

The pair has achieved another technical attempt to take the key resistance level of 76.95 as seen on the provided four-hour graph. But, it failed to maintain levels above this point motivating Stochastic to give off a negative sign. In the interim, the struggle continues around SMA 20 without stabilizing above or below it during the past period. Hence, we will stay aside due to the technical hesitation on the chart; noting that a break of 76.95 and preferably 77.20 will bring an upside price explosion. Conversely, breaching through 75.90-75.80 will be a very negative indication.

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 75.20 remain intact.

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RecommendationBased on the charts and explanations above our opinion is, staying aside until an actionable technical setup presents itself to pinpoint the next big move.