Morning Report

The pair succeeded in achieving the first main target awaited since yesterday at 88.75, to rebound from the positive effects that are appearing on momentum indicators in an attempt to retest the broken support levelat 89.70. From here, we await touching this level followed by a bearish reversal, where the pair will achieve through it a bearish intraday direction; targets are at 88.75 then 88.20. Keep in mind the importance of the four hours remaining below 90.40 to maintain chances of achieving these expectations.

The trading range for today is among the key support at 88.20 and the key resistance at 90.40.

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 with the breach of 89.70 target 88.75 and stop loss above 90.40, might be appropriate.