Morning Report

The pair managed to achieve the breach of 93.60 that has almost completed forming the bearish technical pattern that points to a direction reversal downwards. The positive signs appearingon momentum indicators could push the pair to retest breached support before continuing the expected bearish trend over an intraday basis; targeting mainly 92.90 then 92.30. It is vital that 94.00 remain intact to achieve the suggested scenario.

The trading range for today is among the key support at 92.30 and the key resistance at 94.00.

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

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RecommendationBased on the charts and explanations above our opinion is selling the pair from 93.60 target 92.90 and stop loss above 94.00, might be appropriate.