The pair has been well supported above 50% Fibonacci of the upside wave from 75.50 to 79.50 zones as seen on our provided four-hour graph. This solid support has pushed it above 77.80 zones, while Stochastic has turned bullish; thus, our bullish predictions remain intact over intraday basis. Of note, SMA 100 continues carrying the bullishness from below, solidifying our positive outlook. Ultimately, breaching through 78.30 will accelerate inclines.
The trading range for today is among key support at 76.40 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 77.80 targeting 79.55 and stop loss below 76.65 might be appropriate.|