The pair succeeded in breaching the upper line of the bullish channel as we discussed yesterday, where a new technical base has been founded at 93.30. The correction is urgently needed to relieve the indicators, followed by resuming the possible predicted bullishness over intraday basis, targeting 95.00. Note that, SMA 50 is currently valued at 92.50 and it should remain intact to keep our positive scenario valid.

The trading range for today is among the key support at 92.50 and the key resistance at 95.00.

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

Weekly Report Previous Report

Support93.3092.5092.1591.5091.05
Resistance94.0094.5095.0095.6596.00
RecommendationBased on the charts and explanations above our opinion is buying the pair from 93.30 target 94.50 and stop loss below 92.50, might be appropriate.