Morning Report

The pair succeeded in stabilizing above the previouslybroken main support that has formed strong resistance in the past few days around 91.45, which has currently turned into support at 91.50. It is vital that a base is built above the MA 50 and surpass 61.8% Fibonacci correction shown above, in addition to return within the main ascending channel. These factors encourage us to expect a bullish intraday trend; targets are mainly at 93.60 - 94.00. Any daily closing below 91.50 will help us rethink at chances of trading continuing within the current upside channel.

The trading range for today is among the key support at 90.70 and the key resistance at 94.00.

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

Previous Report Weekly ReportSupport91.5090.7090.0089.6089.00Resistance92.5092.8093.3093.6094.00RecommendationBased on the charts and explanations above our opinion is buying the pair from 91.50 targeting 92.50 and stop loss below 90.70, might be appropriate.