Having a look at the four-hour intervalproves that the pair is currently correcting the entire upside move from the trough of 75.50. The proposed Elliott sequence suggests a potential Impulsive structure (IM) from the aforesaid low to the significant peak of 84.15 followed by 2 confirmed corrective waves. Thereby, we believe that the pair is presently forming the last reactionary wave of the bigger second wave and we may witness an impressive upside move over upcoming period to form the bigger third wave. Potential positive divergence is currently under preparation supporting our positive scenario.
The trading range for today is among key support at 79.55 and key resistance now at 82.00.
The general trend over short term basis is to the upsidetargeting 87.45 as far as areas of 75.20 remain intact.
|Recommendation||Based on the charts and explanations above our opinion is, buying the pair around 80.20 targeting 82.25 and stop loss below 78.85 might be appropriate.|