Morning Report

The critical support at 88.10 was able to reverse the pair to the upside towards the key resistance for the minor downside channel at 90.15, in an attempt to incline on the short term targeting the key resistance for the key channel at 93.65, after the breach of 90.15. However, we don't expect this to be easy due to the bearish signs appearing on the stochastic indicator, yet the general trend is to the upside as far as 88.00 is intact on the four hour charts.

The trading range for today is among the key support at 86.75 and the key resistance at 93.65

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 with the breach of 89.40 to 90.15 and stop loss below 88.70 might be appropriate.