Morning Report

The pair neared the first awaited target at 92.30 and rebounded upwards due to the positive effect of momentum indicators. We expect a reversal zoneto be built on MA 50 at 93.10 followed by a bearish reversal that the pair will achieve through it the expected bearish intraday trend; targeting 92.30 once again and then followed by 91.45, as long as the daily closing is below 93.75.

The trading range for today is among the key support at 90.65 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 ReportSupport92.6592.3091.8091.4590.65Resistance93.3093.7594.0094.8095.15RecommendationBased on the charts and explanations above our opinion is selling the pair from 93.10 target 92.30 and stop loss above 93.75, might be appropriate.