In line with our previous report, the pair has moved mildly upwards during the Asian session touching 50% Fibonacci retracement of the entire upside wave from 75.50 to 79.50 zones as seen on the provided four-hour graph. Now, Stochastic may cause some kind of fluctuation to get rid of its negativity before moving higher once more as RSI 14 is still trending upwards. A break of 77.80 will confirm the bullish scenario and will confirm our technical idea of finishing the correction for the bullishness started at 75.50 areas.
The trading range for today is among key support at 76.10 and key resistance now at 78.45.
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 around 76.95 targeting 78.45 and stop loss below 76.10 might be appropriate.|