Morning Report

The pair continued showing an obvious bullish momentum as it succeeded in closing positively above SMA 20. Stability above 61.8% Fibonacci retracement of the entire upside rally from 75.50 to 79.50 is a technical motive that may assist it to move higher over intraday basis. Stochastic and RSI remain positive and that will help it to take SMA 50-red- sooner. Breaching through 76.50 will postpone the upside recovery and taking 76.10 will negate 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.

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Eye on the pair

RecommendationBased on the charts and explanations above our opinion is, buying the pair around 76.95 targeting 78.30 and stop loss below 76.10 might be appropriate.