Yes....
Actually it doesn't matter that much as long as it is between those two. You need enough air to operate it correctly but too much air can blow off air lines/fittings or burst a line.
The real concern for air pressure is the pressure to the hand piece. That is listed in the manual for each one as well.
Rex
Thanks that's what I thought but just wanted to confirm. I notice that the pressures for the handpieces are considerably less than the air compressor recommendations. Also looks like under the tank it's necessary to drain the tank after each use for the waterline?
It is very important that the machine be kept oil and water free. Have good filters and drain the tank daily on the compressor. Also there is a filter on the machine itself that should be checked for oil and water as well.