Morning Report

The pair's trades are still stable below resistance for the descending short term channel and MA 200; therefore keeping our expectations intact from yesterday with an expected bearish direction over an intraday basis, due to additional effects from the previously breached rising wedge. The awaited targets are at 88.75 followed by 88.20. Keep in mind the importance of the four hour closing below 90.30 to insure achieving these expectations.

The trading range for today is among the key support at 88.20 and the key resistance at 91.10.

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 from 90.15 target 88.75 and stop loss above 91.10, might be appropriate.