Morning Report

Yesterday's positive closing above 50% Fibonacci retracement of the upside wave from 75.50 to 79.50 zones has assisted the pair to soar during the Asian session as seen on the provided daily chart. Some kind of fluctuation might be seen to relieve momentum indicator but overall, the bullish momentum that started at 76.00 zones is still strong enough to push the pair higher over intraday basis. A break of 78.00 will accelerate inclines.

The trading range for today is among key support at 76.70 and key resistance now at 79.15.

The general trend over short term basis is to the upsidetargeting 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 77.70 targeting 79.15 and stop loss below 76.80 might be appropriate.