Morning Report

Despite of achieving our expectations yesterday, we see a failed attempt at the first breach that occurred yesterday to the main resistance level for the bearish direction, where it met with 23.6% (the correction for the downside wave that began on August 7 and ended with the pair's final bottom) at 90.30. On the other hand, the failed breach yesterday did not complete the positive signs that had appeared on the pair where a bullish intraday direction remains intact, as long as trading remains above the 50 MA at 89.30. Momentum indicators are mixed; ADX points to a very mixed direction, where this situation usually comes along with the breach of the resistance and support levels. From here we see that there's a possibilityto the upside today, where it must stabilize above 90.30.

The trading range for today is among the key support at 86.75 and the key resistance at 93.60.

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 at 89.65 To target 90.95 and stop loss below 89.00, might be appropriate