Morning Report

The pair has moved violently upwards after finding a solid support above 76.4% Fibonacci retracement of the entire upside rally from 75.50 to 79.50 areas as seen on the provided daily graph. Despite the negativity of moving averages and Vortex but the chart offers the following positive factors that encourage us to expect additional bullishness over intraday basis:

Forming a long white candlestick formation after achieving stability above 76.4% Fibonacci.

Achieving a bullish crossover on Stochastic.

Closing bullishly above 61.8% level.

The abovetechnical factors may assist the pair to beat the negativity of trend indicator once 77.55 areas are taken.

The trading range for today is among key support at 76.10 and key resistance now at 78.45.

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 77.00 targeting 78.45 and stop loss below 76.10 might be appropriate.