Morning Report

The pair's trading is wedged between correction 23.6% and 38.2% Fibonacci for the last bearish wave, where it seems that there isn't enough momentum to retest the previously broken support level at 91.10. From here, we expect a base to be built on 38.2% Fibonacci at 90.70, followed by a bearish reversal that the pair will achieve through it the bearish intraday trend; targets start at 89.00 and require the daily closing to stabilize below 91.10.

The trading range for today is among the key support at 88.70 and the key resistance at 91.10.

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

Previous Report Weekly ReportSupport90.0089.6589.0088.7088.40Resistance91.1091.6092.2592.8093.30RecommendationBased on the charts and explanations above our opinion is selling the pair from 91.00 targeting 90.00 and stop loss above 91.60, might be appropriate.