Morning Report

The pair is currently attaching our previous detected pivotal resistance around 80.20 as seen on the provided four-hour chart. At the same time, Stochastic shows a negative divergence suggesting a potential downside correction and that may assist the pair to unload the negativity appearing on momentum indicators before resuming the upside rally. We recommend reviewing the weekly report for more details about the technical target of the short term trading.

The trading range for today is among key support at 78.60 and key resistance now at 81.25.

The general trend over short term basis is to the upside, targeting 87.45 as far as areas of 75.20 remain intact.

Previous Report

Weekly Report

RecommendationBased on the charts and explanations above our opinion is, buying the pair around 79.75 targeting 81.20 and stop loss below 78.70 might be appropriate.