Morning Report

The pair has achieved a daily closing above 88.6% Fibonacci retracement of the entire upside wave from 75.50 to 79.50 zones as seen on the provided daily graph. The positive divergence appearing on RSI 14 and the bullish crossover on Stochastic suggest a bullish recovery over intraday basis. A break above 76.50 is required to fix the negative sign on Vortex indicator. Conversely, the all-time low at 75.50 should hold to confirm the positive scenario.

The trading range for today is among key support at 75.20 and key resistance now at 77.30.

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, buying the pair around 76.00 targeting 77.30 and stop loss below 75.45 might be appropriate.