Morning Report

The pair was not able to build a base above MA 50, seen in the image above andthus; being accompanied by a bearish reversal on the stochastic, with a new attempt by the RSI to breach level 50 downwards. From here, the pair is witnessed trading below 91.25, which could maintain negative signs intact for today. We think that the overall direction for trading today is bearish, where it will be insured with the breach of 89.70 and stabilize below it.

The trading range for today is among the key support at 88.70 and the key resistance at 91.25.

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

Previous Report Weekly Report

Support89.7089.3588.7088.2087.85
Resistance90.4090.8091.2592.1592.90
RecommendationBased on the charts and explanations above our opinion is selling the pair from 90.20 target 88.20 and stop loss above 91.25, might be appropriate.