Morning Report

The pair has soared approaching our yesterday's detected technical objective around 83.50 as seen on the provided daily chart. Actually, it continued ignoring the overbought signs on momentum indicators since the bigger time frames continued beating those signs as we discussed several times earlier and we recommend reviewing the weekly report for more details. Now, the door is opened for achieving further bullishness towards the high recorded in April, 2011 at 85.50 while short and fast downside correctional actions might be seen during this upside journey.

The trading range for today is among key support at 82.00 and key resistance now at 85.00.

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 83.00 targeting 85.00 and stop loss below 81.75 might be appropriate.