Morning Report

The pair managed to breach support for the ascending channel due to the rising wedge pattern shown yesterday. The pair below support for the ascending channel and MA 50 will encourage us to expect a bearish intraday direction; targeting 92.90 that requires the four hour closing below 94.80.

The trading range for today is among the key support at 92.90 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 ReportSupport93.6593.2092.9092.2591.60Resistance94.0094.8095.1595.6096.00RecommendationBased on the charts and explanations above our opinion is selling the pair from 94.00 target 92.90 and stop loss above 94.80, might be appropriate.