Morning Report

The pair has closed within the same trading range above the initial support of 75.80 as seen on the provided daily graph. The technical situation becomes very sensitive since Stochastic is approaching overbought areas gradually; whilst Vortex reflects clear bearish case. The contrarian between momentum and trend signs forces us to stay aside over intraday basis; noting that, breaching through 75.80 will send the pair lower towards 74.50 -Fibonacci expansion level- while the ceiling of the sideways range could be reached at 77.70 if it took 76.95 successfully.

The trading range for today is among key support at 74.50 and key resistance now at 77.60.

The general trend over short term basis is to the upside, targeting 87.45 as far as areas of 75.20 remain intact.

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Weekly Report

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.