In the previous report, you will find that the first required step of yesterday's scenario -mild downside recovery- has occurred ideally to relieve momentum indicators and it was followed by the expected bullish crossover that started to push the pair higher as seen on the provided four-hour graph. Now, we need to witness a breakout above 77.15 to make sure that the pair will continue moving higher over upcoming sessions. On the other side, 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 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.|