Morning Report

The pair is still consolidating above the classical support -previous resistance- of 77.70 as seen on the provided daily chart. Stochastic shows that areas of 77.70 might be re-tested first before resuming the bullishness towards 79.55 zones. We hold onto our positive scenario explained in the weekly report; noting that a break of 78.80 will assist the pair to beat 79.55 zones. On the downside areas of 76.40 should hold to keep the positivity valid.

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.

Previous Report

Weekly Report

RecommendationBased on the charts and explanations above our opinion is, buying the pair around 77.90 targeting 80.05 and stop loss below 76.40 might be appropriate.