- Cloud top at 78.16 is strong resistance for the pair. Further upside can be seen on breaks above.
- Technical indicators on daily charts support further upside. Break above 78.16 could see test of 78.80 and then 79 levels.
- But downside could see test on 76.88 levels, Stochs and RSI on 4H charts are indicative of some correction lower.
- Doji formation evidenced at cloud top resistance, 4hourly charts show a bearish 5DMA cross over on 10-DMA, momentum has turned bearish.
- Immediate resistance is located at 77.67 (4H 5 SMA), while support is seen at 77.30 (Mar 31st lows).
Recommendation: Sell rallies around 77.70, SL: 78.30, TP: 77/76.90/76.50