Morning Report

The pair's trading is stuck once again between 23.6% and 38.2% Fibonacci correction, shown in the range through the image above, due to positive signs appearing through momentum indicators. The stability of support for the previously breached ascending channel will maintain the negative pressure on the pair; therefore we expect a bearish intraday trend in overall for today. Technical targets are at 89.00 then 88.40, where achieving them depends on the daily closing remaining below 91.15.

The trading range for today is among the key support at 88.40 and the key resistance at 91.15.

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

Previous Report Weekly ReportSupport89.6089.0088.7088.4087.75Resistance90.7091.1591.6092.2592.80RecommendationBased on the charts and explanations above our opinion is selling the pair from 90.70 targeting 89.00 and stop loss above 91.60, might be appropriate.