Morning Report

The negative pressure persists due to the pressure,where it is currently at pivotal support levels around 90.10, which support for the current ascending channel that meets with MA 200, in addition to the 50% Fibonacci correction. The constant retest of the mentioned support shows a bearish technical pattern, where its neckline is at 90.00; thus, encouraging us to expect a bearish direction over a short term trend that will start with the breach of the mentioned neckline and towards 89.30 - 89.00 as primary targets, followed by 88.20. Keep in mind that these expectations require a clear breach of 90.00 in addition to 90.60 to prevail.

The trading range for today is among the key support at 88.20 and the key resistance at 91.30.

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