Morning Report

The pair has inclined steadily closing above SMA 50 and SMA 100 as seen on the main four-hour graph, while the daily chart-secondary image- shows how it formed a clear bullish candlestick pattern that breached through 77.80 zones. Some kind of retrace might be seen before resuming the upside recovery started at 76.55 zones in order to relieve momentum indicators. A break above 78.10-78.30 will accelerate; whilst a break below 76.55 will give us a reason for concern.

The trading range for today is among key support at 76.65 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.

Previous Report

Weekly Report

RecommendationBased on the charts and explanations above our opinion is, buying the pair around 77.70 targeting 79.55 and stop loss below 76.65 might be appropriate.