Although the pair has moved to the downside, but we can see how it closed bullishly above the combination of SMA 20 and SMA 50. One more technical attempt to stabilize above 77.20 will be enough to assist the pair to become liberated from the two month range between 75.90 and 77.70. On the downside, a break below 75.90-75.80 will indicate that the bears will dominate the market over upcoming sessions.
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.
|Recommendation||Based on the charts and explanations above our opinion is, buying the pair above 77.20 targeting 79.55 and stop loss below 75.80 might be appropriate.|