Morning Report

The pair succeeded in moving according to yesterday's scenario and surpassing awaited targets after the sharp bearish wave witnessed yesterday, where it managed to achieve its lowest at 88.95. We await a retest of broken support that has currently turned into resistance at 91.05, followed by resuming the bearish trend for today; key targets are 89.65 then 88.40. The daily closing must be below 91.05 fo chances of the expected bearish scenario to continue.

The trading range for today is among the key support at 88.40 and the key resistance at 92.25.

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

Previous Report Weekly ReportSupport90.0089.6589.0088.7088.40Resistance90.5591.0591.6592.2592.80RecommendationBased on the charts and explanations above our opinion is selling the pair from 91.05 targeting 89.65 and stop loss above 92.25, might be appropriate.