Morning Report

The pair is moving according to yesterday's suggested scenario within the descending channelapproachingthe retesting level forthe broken neckline - currently at 92.80 -. The negative momentum in addition to MA 50 encourages us to expect a bearish intraday trend today; targets start at 91.60 and require the four-hour candlestick closing to remain below 93.20.

The trading range for today is among the key support at 91.60 and the key resistance at 93.70.

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

Previous Report Weekly ReportSupport92.2591.6090.9090.4590.05Resistance92.8093.2093.7094.0094.70RecommendationBased on the charts and explanations above our opinion is selling the pair from 92.80 target 91.60 and stop loss above 93.70, might be appropriate.