Once more, the solid support around 76.4% Fibonacci retracement of the wave from 75.50 to 79.50 succeeded in providing the pair with a very solid support. This support has assisted Stochastic to crossover positively but the negative pressure continued appearing on Vortex indicator. Thereby, the neutral stance remains unchanged over intraday basis as we need to confirm the bullish momentum appearing on Stochastic via clearing the initial resistance zones of 77.10. On the other side, breaching 75.50 will damage the positivity appearing on momentum indicator.
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.
|Recommendation||Based on the charts and explanations above our opinion is, staying aside as risk versus reward ratio is too high today.|