Morning Report

The strong Fibonacci level of 61.8% has activated our yesterday's suggested positive overlap which appeared on Stochastic. Now, the pair started to stabilize above 50% Fibonacci of the entire upside rally from 75.50 to 79.50 zones. Moreover, we still see chances for achieving the classical probability-huge cup with handle pattern-; thus, the positivity is still favored over intraday basis. Breaching through 77.80 will weaken the initial resistance of 78.30 later.

The trading range for today is among key support at 76.55 and key resistance now at 79.15.

The general trend over short term basis is to the upside, targeting 87.45 as far as areas of 75.20 remain intact.

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Weekly Report

RecommendationBased on the charts and explanations above our opinion is, buying the pair around 77.40 targeting 79.15 and stop loss below 76.65 might be appropriate.