Morning Report

The pair continues to fluctuate around the neckline 90.60 since yesterday, in an attempt togather enough positive momentum to support the previously expected bullish intraday trend that we expect will continue for today as well. What is expected now insures the breach of the neckline with the closing initially above it to pave the way to target levels 91.20-91.60. It is vital that 90.05 remain intact to maintain chances of achieving these expectations.

The trading range for today is among the key support at 89.65 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.