Morning Report

The pair has achieved consecutive positive closings above 38.2% Fibonacci of the entire upside wave from 75.50 zones to the short term peak of 84.15 as seen on the provided four-hour chart. RSI 14 reflects increasing upside momentum and thus, the suggested Elliott sequence remains valid and should bring more buying interests. A breakout above 82.10 zones will be a very positive indication and will actuate bulls to retest the aforesaid top once more.

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 83.20 and stop loss below 79.80 might be appropriate.