The pair managed to achieve a breach of the flag pattern shown in yesterday's midday report, where it pushed to touch resistance for the ascending short term channel at 93.40. Some minor bearish correction is expected due to negative signs appearing on momentum indicators, but in overall we await an expected bullish intraday trend that will target first mentioned resistance, which will pave the way to the main upcoming target at 94.00. Chances of achieving this scenario will remain intact if we do not witness the four-hour closing below 92.70.
The trading range for today is among the key support at 92.15 and the key resistance at 94.50.
The short term trend is to the downside as far as 101.65 remains intact with targets at 82.60.
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|Recommendation||Based on the charts and explanations above our opinion is buying the pair from 92.70 target 94.00 and stop loss below 92.15, might be appropriate.|