Morning Report

The pair continued moving between 61.8% and 76.4% Fibonacci retracement levels of the entire upside wave from 75.50 to 79.50 zones as seen on the provided daily graph. At the same time, Stochastic approached oversold areas; whilst Vortex continued reflecting the strength of the bearish pressure. The contradiction between indicators and the tight trading tight range are reasons that force us to continue staying aside over intraday basis. Breaching 76.50 will bring additional negative pressure and a break above 77.10 will be a positive technical indication.

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.