Morning Report

The pair has achieved more negative pressure that caused the breach of pivotal support mentioned in yesterday's midday report at 88.80. The bearish technical pattern in the image above has been completed, which makes us expect a possible bearish intraday direction; targets start at 88.20 then 87.75. The bearish short term wave will prevail if 89.70 remain intact.

The trading range for today is among the key support at 87.75 and the key resistance at 89.70.

The general trend is to the downside as far as 101.65 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 88.80 target 87.75 and stop loss above 89.70, might be appropriate.