Capricious price behavior within a narrow range has been witnessed since the opening of this week. These price actions reflect the conflict between the positivity of trend indicators and the bearishness appearing on momentum indicators as we discussed earlier. Indeed, the contradiction between technical signs is also seen on the smaller time frames; thus, we will remain on the sidelines over intraday basis. A break above 83.70 will negate the overbought signs on momentum indicators while clearing 82.80 will bring more downside movements.
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.
|Recommendation||Based on the charts and explanations above our opinion is, staying aside until an actionable setup presents itself to pinpoint the upcoming big move.|