In line with yesterday's suggested scenario, the pair has incline achieving a confirmed four-hour closing above 77.10-77.15 zones as seen on our provided graph. Now, Stochastic and RSI 14 are in need for some kind of relief before reflecting oversold case but we can see how Stochastic of the daily studies -secondary image- has turned bullish. Henceforth, the bullish sign of the bigger time frame may beat the one of the smaller time scale encouraging us to predicate potential resumption for the upside reversal which started at 75.50. Breaching through 76.10-75.80 will threaten the bottom around 75.50.
The trading range for today is among key support at 75.80 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 above 77.15 targeting 78.80 and stop loss below 75.80 might be appropriate.|