Midday Report

The pair remains confined among a narrow range, to the upside the 61.8% Fibonacci level near 77.06 followed by 77.15, while to the downside 76.80. We continue to anticipate an upside rebound as stochastic is providing signs of a possible bullish divergence, however, to confirm bullishness; we would love to see a breach above 77.15. On the other hand breaching 76.80 may send the pair a bit lower toward 76.40 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 theupsidetargeting87.45as far as areas of75.20remain intact.

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Weekly Report

RecommendationBased on the charts and explanations above our opinion is, buying the pair around 76.80 targeting 78.45 and stop loss below 76.10 might be appropriate.