Morning Report

The pair moved sideways since yesterday to touch once again support for the minor ascending channel that organizesthe currenttrading. We expect a bullish intraday that targets 91.20 then 91.60 before returning to resume the bearish short term wave. Keep in mind the breach of 90.00could pavethe way for resuming the bearish short term wave.

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 from 90.60 target 91.60 and stop loss below 90.00, might be appropriate.