Respecting our yesterday's analysis, the pair has moved aggressively upwards during the Asian session where it breached the pivotal resistance areas of 77.15. In the interim, the previous four-hour closing was achieved successfully above SMA 100-colord in green-. Assessing momentum, the bullish momentum becomes very clear on Stochastic; thus, we hold onto our bullish expectations over intraday basis so long as 76.10-75.80 areas remain intact. Ultimately, 78.60 becomes under our technical microscope.
The trading range for today is among key support at 75.80 and key resistance now at 79.55.
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 around 77.15 targeting 78.80 and stop loss below 75.80 might be appropriate.|