The pair continued moving aggressively upwards forming a long white candlestick pattern as seen on the provided daily chart. Furthermore, yesterday's closing was achieved comfortably above 77.55 zones-50% Fibonacci of the entire upside wave from 75.50 zones to 79.50 zones- while momentum indicators continues giving off bullish signs. Vortex also becomes very positive designating that the bullish recovery is strong enough; particularly after breaching SMA 50-red- thus, the bullishness may continue over intraday basis. Of note, a break above 78.00 zones will weaken the initial resistance areas between 78.30 and 78.60.
The trading range for today is among key support at 76.10 and key resistance now at 78.90.
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, buying the pair around 77.30 targeting 79.00 and stop loss below 76.10 might be appropriate.|