Morning Report

The pair cancelled the rising wedge pattern yesterday to push to the upside within the ascending channel, appearing on the four hour chart. The second top level has been recorded near 91.40, accompanied by clear negative signs on momentum indicators. Our previous expectations of an intraday bearishdirection is still intact; first target is at support for the ascending channel -90.05- then attempting to breach it and head towards levels around 89.00. The breach of the mentioned top and remaining intact above will weaken chances of achieving these expectations.

The trading range for today is among the key support at 88.75 and the key resistance at 91.95.

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 90.80 target 90.05 and stop loss above 91.40, might be appropriate.