Morning Report

The minor support at 90.15 was able to halt further declines for the pair yesterday, to rebound towards the 38.2% correction at 91.35 once again. The stochastic indicator is nearing overbought areas, where our outlook remains to the downside on the short term, with targets at 89.00 only if 92.10 remains intact.

The trading range for today is among the key support at 88.40 and the key resistance at 94.70

The general trend is to the downside as far as 102.60 remains intact with targets at 84.95 and 82.60

RecommendationBased on the charts and explanations above, our opinion is selling the pair from 91.35 to 90.15 and stop loss above 92.10 might be appropriate.