Morning Report

The pair is retesting the previously breached neckline - currently at 92.15 - where it forms strong support for the pair. Meanwhile, trading remains within the ascending channel shown above, accompanied by the stochastic entering oversold areas; encouraging us to expect a bullish direction over an intraday basis heading towards 93.30 then 94.00. The breach of 91.50 will weaken chances of achieving bullish expectations for today.

The trading range for today is among the key support at 91.50 and the key resistance at 93.30.

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

Weekly Report Previous Report

RecommendationBased on the charts and explanations above our opinion is buying the pair from 92.15 target 92.95 and stop loss below 91.50, might be appropriate.