Consolidation above 77.80 suggests that the pair could provide more attempts to turn positive, where as shown on the chart above, we find Stochastic is currently turning positive. We expect the pair to enter an upside movement driven by stability above the mentioned level, but a breach of 76.10 negates our expectations.
The trading range for today is among the major support at 77.20 and the major resistance at 78.45.
The short-term trend is to the upside as far as 75.20 remains intact targeting 87.45.
|Recommendation||Based on the charts and explanations above, we recommend buying the pair around 77.70, targeting 80.00 and stop loss below 76.10 might be appropriate.|