Morning Report

It seems that we have caught the starting point of the bigger third wave in the proper time as we changed our neutral stance into positive one yesterday. The pair has respected the positive divergence which appeared on RSI 14 over four-hour interval inclining violently as seen on the provided graph. The bullish sign on Stochastic over daily studies is another technical catalyst that encourages us to keep our bullish predictions intact over intraday basis. A break above 81.50 will accelerate and confirm.

The trading range for today is among key support at 80.00 and key resistance now at 83.20.

The general trend over short term basis is to the upside, targeting 87.45 as far as areas of 75.20 remain intact.

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Weekly Report

RecommendationBased on the charts and explanations above our opinion is, buying the pair around 81.20 targeting 83.25 and stop loss below 79.80 might be appropriate.