The pair didn't show any big move during the Asian session where trading continued below 61.8% Fibonacci retracement of the entire upside wave from 75.50 to 79.50 as seen on the provided four-hour chart. As we discussed in our weekly report, the pair is very close to very sensitive areas as it approaches 76.4% Fibonacci while Stochastic enters the oversold areas. As a consequence, we hold onto our neutrality until we see how the pair will behave around the aforementioned levels. A break above 77.40 will bring strong buying interests.
The trading range for today is among key support at 75.80 and key resistance now at 77.90.
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, staying aside since the risk versus reward ratio is very high.|