Morning Report

The retesting level of88.80 stoodin front of the pair; therefore pushing it to descend according to expectations. Meanwhile, yesterday's suggested scenario will remain intact, where we could witness a new touch of mentioned resistance and followed by the expected bearish direction prevailing over an intraday basis; main targets start at 87.75 then 86.90. Chances of achieving this bearish direction will remain intact if the four-hour closing remains below 89.70.

The trading range for today is among the key support at 86.90 and the key resistance at 90.10.

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.