Morning Report

After reaching the 127% expansion at 90.15 as seen in the above image, alongside the oversold signs on momentum indicators, this may result in an upside correction for today targeting 92.40. The uptrend is supported by the 91.30 level on the intraday basis and 90.15 on the short term yet there is a chance for volatile trading during today’s expected incline.

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 buying the pair from 91.30 to 92.40 and stop loss below 90.60 might be appropriate.