Morning Report

The pair breached the 91.60 level, which opened the way to breach the 23.6% correction at 91.30 as the pair currently trades below the 50 MA; whereas the RSI adjusted to the downside and the ADX is showing the strength of the decline. From here we see the pair is heading towards the 38.2%, which resides at the key support for the ascending channel at 90.40. There is a possibility in breaking this level as the pair proved that the recent incline was a correctional wave rather than an impulsive wave showing that the short and medium terms are to the downside. From here we expect further declines today.

The trading range for today is among the key support at 88.15 and the key resistance at 93.15

The general trend is to the downside as far as 102.60 remains intact with targets at 84.95 and 82.60

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RecommendationBased on the charts and explanations above, our opinion is selling the pair from 91.30 to 90.20 and stop loss above 91.85 might be appropriate.