Morning Report

The sideway range the pair is trading within appears to be between 90.60 and 89.65, forming resistance 90.60; the possible neckline for the bullish technical pattern that is currently forming. Meanwhile, stabilizing above MA 200 makes us expect a bullish intraday direction that requires the breach of 90.60 and targets 91.60. Keep in mind that the breach of 90.00 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 91.60.

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 buying the pair with the breach of 90.60 target 91.60 and stop loss below 90.00, might be appropriate.