Finally, the pair has been capable of taking the initial resistance of 77.10-61.8% Fibonacci of the entire upside rally from 75.50 to 79.50- where yesterday's inclines has assisted it to draw a positive sign on Vortex indicator. Moreover, the positivity of Stochastic hinted yesterday becomes clearer and it may assist the pair to move higher again today. Only breaching 76.50 will weaken our bullish scenario and taking 76.10 zones will damage it. But, breaching through 77.30 will bring panic buying interests.
The trading range for today is among key support at 76.00 and key resistance now at 78.45.
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, buying the pair around 77.00 targeting 79.00 and stop loss below 76.10 might be appropriate.|