Morning Report

The pair is still trapped within a very tight range, struggling around SMA 50 and SMA 100 as seen on the provided four-hour chart. We can see a minor uptrend line connecting three support points from 61.8% to 38.2% Fibonacci of the upside move from 75.50 to 79.50. In the interim, RSI 14 is gradually approaching oversold areas; thus, our bullish predictions remain intact over intraday basis. Breaching areas between 78.00 and 78.30 will bring aggressive buying interests. On the downside, clearing 76.40 will negate the positive scenario.

The trading range for today is among key support at 76.10 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 77.65 targeting 79.55 and stop loss below 76.40 might be appropriate.