A huge Doji candlestick pattern was formed yesterday due to touching the key resistance levels of 78.60 and the overbought signs appearing on momentum indicators as seen on the provided daily chart. Now, potential mild downside correction might be witnessed to relieve momentum indicators before resuming the upside rally started with our caught positive divergence at 76.00 zones. Vortex -trend indicator- remains positive supporting our constructive bullish overview. The classical studies over weekly basis also reinforcethis bullish scenario.
The trading range for today is among key support at 77.60 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.
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|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.|