The pair continues consolidating above the initial broken resistance -turned into support- of 77.70-77.80 as seen on the provided daily chart. In the interim, momentum and trend indicators are still positive, designating that the bullishness may continue over the upcoming sessions. A break of 78.80 will weaken the solidity of 79.55 and will assist the pair to beat the psychological level of 80.00. On the downside, a break back below 76.80-76.40 will give us a reason for pause.
The trading range for today is among key support at 76.10 and key resistance now at 82.25.
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 around 77.90 targeting 80.05 and stop loss below 76.80 might be appropriate.|