Morning Report

The pair is facing a hard time building a base above 94.80, despite of trading within the ascending channel shown above, in addition to positive signs that are appearing through the stochastic. In return signs of a bearish technical pattern are causing mixed trading. The bullish short term trend is expected, but we could witness a breach of pivotal support between 94.30 - 94.40 to cause more negative pressure on the pair that may lead it below 93.90. Thus, we recommend keeping an eye on trading today.

The trading range for today is among the key support at 93.80 and the key resistance at 95.60.

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

Previous ReportWeekly ReportSupport94.4094.0093.6593.2092.80Resistance94.8095.1595.6096.0096.35RecommendationBased on the charts and explanations above our opinion is to observe trading for today to insure the future direction more specifically, might be appropriate.