Morning Report

The pair continues to fluctuate within a narrow range since reaching 94.00, thus we think that the pair is preparing to start a bearish wave over an intraday basis, supported by tops levels around 94.30, in addition to signs of a bearish technical pattern shown in our previous report. Technical targets start at 92.80 then 91.55 and require 94.30 to remain intact for them to prevail.

The trading range for today is among the key support at 92.25 and the key resistance at 94.80.

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

Previous Report Weekly ReportSupport93.6092.8092.2591.5590.90Resistance94.0094.8095.5596.0096.35RecommendationBased on the charts and explanations above our opinion is selling the pair from 94.00 target 92.80 and stop loss above 94.80, might be appropriate.