The pair continued hovering around the psychological level of 80.00 as seen on the provided daily chart. Stability above this level and above SMA 100 suggests potential upside move towards the initial resistance of 81.50. Only a break back below 79.55-79.40 areas will give us a reason for concern; whilst taking 79.10 will bring panic sell-off actions.
The trading range for today is among key support at 79.10 and key resistance now at 81.50.
The general trend over short term basis is to the upside, targeting 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 80.00 targeting 81.50 and stop loss below 79.25 might be appropriate.|
Technical analysis for precious metals with major support and resistance levels and recommendations for 18-08-2009