Morning Report

The pair touched resistance for the rising wedge once again at 91.10, inline with negative signs appearing through momentum indicators that make us maintain our previous expectations for the expected bearish intraday direction; requiring first the breach of 89.65 then paving the way towards the first target around 88.55. It is vital that 91.40 remain intact so these expectations may prevail.

The trading range for today is among the key support at 87.75 and the key resistance at 91.30.

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

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RecommendationBased on the charts and explanations above our opinion is selling the pair with the breach of 89.65 target 88.25 and stop loss above 90.40, might be appropriate.