Morning Report

The pair was not able to breach 93.40, thus returning the pair within the descending channel shown above, in addition to the last four hour candlestick that is below the neckline for the bearish technical pattern shown in our previous reports. These factors make us expect a bearish trend over an intraday basis; targeting 91.60 initially and requires the four hour candles to close below93.40.

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 ReportSupport92.2591.6090.9090.4590.05Resistance92.9093.4093.7094.0094.70RecommendationBased on the charts and explanations above our opinion is selling the pair from 92.90 target 91.60 and stop loss above 93.70, might be appropriate.