Morning Report

The last four hour closing below resistance for the breached descending channel that point to a slant towards resuming the bearish short term direction, where the pair stabilized below the MA 50 and formed a bearish technical pattern as its neckline is at 92.55. These factors make us expect a bearish intraday direction that will start with a clear breach of support; targeting 91.70 - 91.55. This scenario requires 93.60 to remain intact as well as breaching the neckline.

The trading range for today is among the key support at 91.55 and the key resistance at 93.60.

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 with the breach of 92.55 target 91.55 and stop loss below 93.20, might be appropriate.