Morning Report

The pair couldn't hit 77.10 since the opening of this week where trading is trapped within a very tight range as seen on the provided daily graph. Stability between 61.8% and 76.4% Fibonacci levels is a positive technical catalyst but, momentum and trend indicators are giving off negative signals. Hence, we believe that staying aside will be the best technical choice for intraday traders since risk versus reward ratio is too high.

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.

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Weekly Report

RecommendationBased on the charts and explanations above our opinion is, staying aside as risk versus reward ratio is too high today.