Morning Report

The pair is currently touching support for the ascending channel at 94.00, while attempting to breach it for some bearish corrections, which we think will build a base on 93.60 followed by a bullish rebound, the pair will achieve through it an expected bullish intraday direction supported by positive signs appearing on momentum indicators. The awaited targets start from 94.80 and require 93.15 to remain intact to maintain chances of achieving them.

The trading range for today is among the key support at 93.15 and the key resistance at 95.80.

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

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Weekly Report

RecommendationBased on the charts and explanations above our opinion is buying the pair from 93.60 target 94.80 and stop loss below 93.15, might be appropriate.