Morning Report

The pair breached the secondary support nearing the initial target at 89.00 affected by the heavy overbought signs on Stochastic. Those signals in addition to the consolidation below 200 MA make us expect a downside intraday move today targeting the support level at 88.80 which requires trading to remain below 90.60.

The trading range for today is among the major support at 88.25 and the major resistance at 91.30.

The general trend is to the downside as far as 102.60 is intact with targets at 82.60.

RecommendationBased on the charts and explanations above our opinion is selling the pair from 90.10 targeting 88.80 and stop loss above 90.80, might be appropriate