The pair continued its calm trading which gradually takes Stochastic to the oversold areas as seen on the provided four-hour graph. Now, we may witness a retest of 76.4% Fibonacci of the upside movements form 75.50 to 79.50 since SMA 100 pressures the pair negatively before moving upwards according to the positive scenario discussed earlier. RSI 14 is also approaching the value of 30.00 once more; thus, the bullishness may start sooner and it will be confirmed with a breakout above 77.50. On the upside, areas between 76.10 and 75.80 should hold; otherwise the low of 75.50 will be under attack.
The trading range for today is among key support at 75.60 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 above 77.15 targeting 78.80 and stop loss below 75.80 might be appropriate.|