The pair pushed to the upside to retest previously breach support that has currently turned into resistance at 91.25, where it being met by 50% Fibonacci correction. Momentum indicators have started to gradually lose bullish momentum, thus encouraging us to maintain previous expectations for the previous trend since expectations of a bearish trend for today remain intact; targeting first 90.00 then 89.00. The suggested scenarios will prevail if the daily closing remains below 91.25.
The trading range for today is among the key support at 89.00 and the key resistance at 91.95.
The short term trend is to the downside as far as 101.65 remains intact with targets at 82.60.
Previous Report Weekly ReportSupport90.7090.0089.6089.0088.70Resistance91.2591.6091.9592.2592.80RecommendationBased on the charts and explanations above our opinion is selling the pair from 91.25 targeting 90.00 and stop loss above 91.95, might be appropriate.