The pair has been trapped within a very tight range hovering around 61.8% Fibonacci retracement of the entire upside movements from 75.50 to 79.50 as seen on the provided four-hour graph. At the same time, Stochastic succeeded in achieving the awaited positive crossover which may assist the pair to re-attack 77.50 zones once more. The current consolidation may continue until the pair penetrates SMA 100 followed by 77.80. To recap, our bullish expectations remain intact so long as 76.10 provide the pair with the support it needs.
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 upsidetargeting 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 76.90 targeting 78.45 and stop loss below 76.10 might be appropriate.|