In line with our yesterday's proposed bullishness, the pair has moved upwards touching the pivotal resistance of 77.80-previois broken support- as seen on the provided four-hour chart. This incline has achieved a negative crossover on Stochastic indicator that may send the pair mildly lower before resuming the bullishness started at 75.50 zones. Areas between 77.50 and 77.05 could provide the pair with the momentum it needs to penetrate the aforementioned resistance level. Anyway, the bullishness is still favored so long as 76.40-76.10 zones remain intact.
The trading range for today is among key support at 76.10 and key resistance now at 79.55.
The general trend over short term basis is to the upside, targeting 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 77.80 targeting 80.05 and stop loss below 76.40 might be appropriate.|