Morning Report

The pair is still locked in consolidation within the previous suggested flag pattern-continuation classical pattern- as seen on the provided daily chart. Stochastic remains positive suggesting that, the bullishness may continue over intraday basis but we need to witness a sustained breakout above the upper line of the aforementioned classical pattern. A break below 81.50 will slow down the upside journey while breaching through 81.00 will give us a reason for concern.

The trading range for today is among key support at 81.00 and key resistance now at 83.70.

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 above 82.50 targeting 84.15 and stop loss below 81.25 might be appropriate.