The pair continued struggling around 61.8% Fibonacci retracement of the entire upside rally from 75.50 to 79.50 as seen on the provided daily graph. The positivity appearing on Vortex indicator could assist the pair to move higher over intraday basis. A break above 77.10 will accelerate inclines towards 77.70; whilst taking 78.00 will be a very positive indication for short term traders to retest 79.50 zones. Conversely, breaching through 76.50 will give us a reason for concern. Finally, Stochastic needs the aforementioned breakout above 77.10 to fix the exhaustion sign appearing on it.
The trading range for today is among key support at 76.10 and key resistance now at 78.30.
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 76.90 targeting 78.45 and stop loss below 75.80 might be appropriate.|