Morning Report

The 76.4% correction at 92.55 was capable of halting the pair’s upside attempts as seen on the chart above, where the pair is currently trading within a bearish pattern that is nearing completion. For that we expect a downside direction over intraday basis after the pair was capable of confirming the breach for the minor support at 91.65 targeting initially 90.90 which is the defining point for the pair’s coming trend, breaching that level allows the pair to resume the short term downside move, which we currently see is undergoing a slight upside correction that ended at the mentioned 76.4%. Steady trading below this level is vital for today’s expected intraday bearish move to prevail.

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 with the breach of 91.55 to 90.90 and stop loss above 92.10 might be appropriate