Yesterday's daily closing was achieved between SMA 20 and SMA 50 as seen on the provided daily chart. Nothing changed except drawing a negative sign on Stochastic which can be fixed once the pair penetrates the key resistance levels of 77.20 and preferably above77.70to make sure that the pair succeeded in beating the continuous two month sideways range. On the other hand, breaching through 75.80 will trigger an aggressive downside wave.
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.|