Morning Report

The pair continued its gradual descend, approaching thesupport levelof the ascending channel that touches horizontal support, which points to chances of breaching this level as signs of a bearish technical pattern are currently forming. From here, we expect a bearish intraday direction that primary targets are at 89.55 then 88.90. The bearish technical pattern will be completed when main support is breached and then require trading to remain below 91.40 to maintain chances of achieving its targets.

The trading range for today is among the key support at 89.55 and thekey resistance at 92.15.

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 91.40 target 90.55 and stop loss above 92.15, might be appropriate.