The pair is still struggling around 50% Fibonacci retracement of the entire upside rally from 75.50 zones to 79.50 areas as seen on the provided four-hour graph. Momentum indicator's relief technical process is in progress where we believe that the full relief will be seen around 61.8% Fibonacci- ideal correction- before moving higher once more. A break of 77.80-77.90 is required to confirm resuming the upside recoverystarted at75.50 areas. On the other side, areas of 76.10 should hold to protect our predictions.
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.|