Morning Report

The comparison between today's provided chart and the secondary image of the chart provided in the weekly report will prove that the bigger time frames have beaten the negative divergence over daily studies as we anticipated on Monday. Classically speaking, there isn't any technical obstacle that can prevent the pair from retesting the high recorded in April, 2011 at 85.50 zones; noting that the technical objective mentioned in our weekly report at 84.00 was reached comfortably. Anyway, we keep our classical bullish overview intact over intraday basis while breaching through 84.30 will ease the path towards 85.50 areas.

The trading range for today is among key support at 82.20 and key resistance now at 85.50.

The general trend over short term basis is to the upsidetargeting 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 83.80 targeting 85.50 and stop loss below 82.70 might be appropriate.