Morning Report

The sharp decline seen since the opening of the week has taken the pair towards the pivotal support zones of 81.50 during the Asian session as seen on the above chart. The fast rebound from the aforesaid support argues us to suggest a huge upside recovery over intraday basis depending on the previous explained flag pattern. A break above 82.30-82.50 zones will fix the negative sign appearing on Vortex indicator but a break below the risk limit suggested in our weekly report at 81.00 will negate and give us a reason for pause.

The trading range for today is among key support at 80.50 and key resistance now at 83.50.

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 81.85 targeting 83.20 and stop loss below 81.00 might be appropriate.