Morning Report

The pair is trading sideways between 90.45 and 89.00, as it nears the previously breached key support for the downside channel, seen in the image above. This consolidation provided the pair with bullish momentum, seen on the stochastic and RSI 14, which makes us believe the pair is to incline on the intraday basis to rebound from 89.00 and target 90.45 in an attempt to breach it and open the way on the short term towards 94.00. The incline remains as far as 88.30 is intact.

The trading range for today is among the key support at 87.30 and the key resistance at 94.00

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 89.00 to 90.54 and stop loss below 88.30 might be appropriate.