Morning Report

The pair surpassed the retest neckline, but resistance for the descending channel is standing as a barrier in front of the pair's push, supported by negative signs from momentum indicators. From here, we expect a bearish intraday direction that will start when 92.85 is breached and heads towards 91.60. The breach of 93.40 will pave the way for a bullish rebound.

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

Previous Report Weekly ReportSupport92.8592.2591.6090.9090.45Resistance93.4093.7094.0094.7095.55RecommendationBased on the charts and explanations above our opinion is selling the pair with the breach of 92.85 target 91.60 and stop loss above 93.40, might be appropriate.