Morning Report

After achieving yesterday's minor bearish technical pattern's targets, the pair is fluctuating around MA 200 and therefore helping it clearly gain negative momentum that is appearing on momentum indicators; where it encourages us to resume the expected bearish direction over an intraday basis and build a base on MA 200 to head towards 89.35 as a first target, followed by 88.70. The breach of 90.60 will weaken chances of achieving these expectations.

The trading range for today is among the key support at 88.70 and the key resistance at 90.60.

The general trend is to the downside as far as 101.65 remains intact with targets at 82.60.

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More Technical Analysis

RecommendationBased on the charts and explanations above our opinion is selling the pair from 90.15 targeting 89.35 and stop loss above 90.60, might be appropriate.