Morning Report

The pair has been trapped within a very tight range since the opening of this week while consolidation continued above 76.4% Fibonacci of the upside rally from 75.50 to 79.50 as seen on the provided daily graph. At the same time, the contrarian between momentum and trend indicators continued appearing on the chart; thus, the neutrality is favored over intraday basis. Ultimately, a break below 76.50 will encourage bears but a breakout 77.10 will give advantage for bulls.

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.

Previous Report

Weekly Report

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