Morning Report

The pair rebounded to the upside after retesting the previously breached main resistance level which turned into support now, to currently trade in areas around 23.6% Fibonacci correction at 77.85. Stochastic, despite being below the 50-point level, is trading positively, while the RSI failed to reflect negativity below the 50-point level. Therefore, we expect an upside move during the session today.

The trading range for today is among the major support at 76.55 and the major resistance at 79.15.

The short-term trend is to the upside as far as 75.20 remains intact targeting 87.45.

Previous Report

Weekly Report

RecommendationBased on the charts and explanations above, our opinion is buying the pair around 77.85, targeting 79.15 and stop loss below 76.65 might be appropriate