Morning Report

Despite yesterday's bearish tendency but we can't suggest a bearish wave today since the contrarian between momentum indicator and trend indicator is still seen on the provided daily chart. Areas of 77.10 are presently acting as ceiling; whilst 76.50 should be the protection for bulls. To recap, we hold onto our neutral stance until the pair breaches through one of the above mentioned levels.

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 upsidetargeting 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.