Respecting our bullish scenario expected since forming the positive divergence on RSI 14 when the pair was valued at 76.00, a long white candlestick pattern was formed yesterday to touch our detected short term technical objective at 78.30 zones. Now, we may witness a slight downside recovery due to the overbought signs appearing on momentum indicators before resuming the bullishness. Vortex indicator- trend indicator- reflects the strength of the recently established uptrend started at 76.00 zones. In the interim, SMA 20 and SMA 50 continued carrying the upside wave and eyes now are on 79.55 zones followed by the psychological level of 80.00.
The trading range for today is among key support at 77.30 and key resistance now at 80.00.
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 78.10 targeting 79.55 and stop loss below 77.00 might be appropriate.|