Morning Report

The sideway trading had caused the pair to exit the descending channel that is controlling current trading; achieving a minor breach for its resistance. Meanwhile, the bearish technical pattern is being represented by a rising wedge that will return the pair into the bearish direction. Momentum indicators are showing negative signs that support our expectations of achieving the possible bearish intraday direction that requires the breach of 90.30 to pave the way towards 89.10 initially. It is vital that 90.10 remain intact to achieve the bearish trend.

The trading range for today is among the key support at 89.10 and the key resistance at 91.90.

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

Previous Report Weekly Report

RecommendationBased on the charts and explanations above our opinion is selling the pair with the breach of 90.30 target 89.10 and stop loss above 91.10, might be appropriate.