Morning Report

Despite that the pair has not successfully halted loss as expected yesterday at 89.80, but we currently see that it has stabilized below MA's 20 and 50 on the four-hour chart above. The major confliction between the stochastic could point to a bullish rebound and between the RSI index that seems to have failed in building a base above 50 points. From here, we shall stay neutral for some time until insuring signs emerge for the direction. Any trading between 90.95 and 89.70 will leave the pair in a sideway direction.

The trading range for today is among the key support at 89.35 and the key resistance at 91.25.

The short term 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 to avoid trading and waiting for more confirmation signs for the pair’s direction, might be appropriate.