Morning Report

The pair has sharply bounced from 50% Fibonacci retracement of CD leg for the bullish harmonic AB=CD pattern where it is currently stabilizing above 61.8% level as seen on the provided four-hour graph. In the interim, Stochastic becomes positive; whilst SMA 20 is providing the pair with good support. Henceforth, the bullishness started from 23.6% Fibonacci level is still in favor over intraday basis and a break of 77.20 will solidify the technical prospects of resuming the bullishness.

The trading range for today is among key support at 75.80 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 77.20 targeting 79.10 and stop loss below 75.80 might be appropriate.