Morning Report

The sideway trading continues, between 90.95 and 89.70, where there is no chance of expecting an intraday direction! Despite stabilizing above MA 50 and 20, Stochastic managed to enter overbought areas. From here, where our expectations for today remain neutral until a breach of mentioned resistance and support occurs to insure the intraday direction, although we are leaning towards expectations of a bearish short tern 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.

Previous Report Weekly Report

RecommendationBased on the charts and explanations above our opinion is selling the pair with extreme caution from 90.70 target 89.70 and stop loss above 91.10, might be appropriate.