Morning Report

Due to the positive momentum from yesterday, trading stabilized above support for the ascending intraday channel, shown in our previous reports for the awaited breach process. Momentum indicators have started to lose bullish momentum, thus making us maintain our previous expectations and expect a bearish direction over an intraday basis, which will start with the breach of 90.00 and head towards 89.30 then 89.00. Keep an eye on 90.60, where the four hour candlestick closing above it will pave the way for a temporary ascend that targets 91.50 mainly.

The trading range for today is among the key support at 89.00 and the key resistance at 91.50.

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

Previous Report Weekly Report

RecommendationBased on the charts and explanations above our opinion is selling the pair with the breach of 90.00 target 89.00 and stop loss above 90.60, might be appropriate.