The trading continued between 61.8% and 76.4% Fibonacci retracement of the upside wave from 75.80 to 79.50 zones where the pair has stabilized above 76.4% as seen on the provided four-hour chart. Furthermore, Stochastic has given off crossover inside oversold areas, but Vortex continues supporting the bearish trend. Consequently, the contrarian between those signs makes us keep our neutrality intact; noting that, risk versus reward ratio is still too high for intraday traders. Finally, any setbacks should be well supported at 75.80 for bulls and areas of 77.30 should the ceiling for bears.
The trading range for today is among key support at 75.50 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|