Morning Report

The pair is showing stability above resistance for the ongoing breached descending channel, with complete signs for a bullish technical pattern that has been pointed out in our previous reports, where the neckline is at 93.40. These signs make us expecta bullishdirection over an intraday basis and require stability above the mentioned neckline in addition to stability 92.80. The awaited targets start at 94.00 then 94.70.

The trading range for today is among the key support at 91.60 and the key resistance at 94.70.

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

Previous Report Weekly ReportSupport92.8092.2591.6090.9090.45Resistance93.4093.7094.0094.7095.55RecommendationBased on the charts and explanations above our opinion is buying the pair with the breach of 93.40 target 94.70 and stop loss below 92.80, might be appropriate.