Morning Report

The general uptrend continues despite the downside correction that the pair engaged in this week, which was due to overbought signs appearing on momentum indicators, alongside the weakness in the uptrend in the ADX indicator. All these signs suggest further declines on the intraday basis. Note that the short term trend remains to the upside and this decline is nothing more than a correction to gather bullish momentum.

The trading range for today is among the key support at 88.15 and the key resistance at 95.00

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 selling the pair from 92.05 to 91.25 and stop loss above 92.90 might be appropriate.