Morning Report

The pair was not able to to stabilize below support the minor descending channel shown above, after support for the bullish short term trend stabilized at 91.00. Some fluctuation with bulilsh slant is possible but in overall we recommend a bearish intraday direction; targeting the attack of 91.00 then pave the way towards 90.20. It is vital that stability is achieved below 92.80 to insure the bearish morning scenario this morning is achieved.

The trading range for today is among the key support at 90.20 and the key resistance at 92.80.

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

Previous Report Weekly ReportSupport91.4591.0090.6590.2089.50Resistance92.3092.8093.3094.0094.80RecommendationBased on the charts and explanations above our opinion is selling the pair from 92.30 targeting 91.00 and stop loss above 92.80, might be appropriate.