Morning Report

The pair continues naturally trading within the down trend channel shown above, where it has reversed off of resistance and moved to the downside and is supported by the bearish technical pattern, where its neckline has been breached around 92.90. We expect to touch support for this channel around 92.15, followed by a rebound to the upside that the pair through it would achieve a bullish intraday direction; first of its targets are around 93.35. Momentum indicators areapproaching oversold areas and thus; supporting this expected bullish rebound.

The trading range for today is among the key support at 92.15 and the key resistance at 93.35.

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 buying the pair from 92.15 target 93.35 and stop loss below 91.70, might be appropriate.