Morning Report

SMA50 continues protecting our expectations shown yesterday for the bearish trend, where it has formed a strong resistance in front of the pair's attempts at ascending. This factor alongside stability below 61.8% Fibonacci correction and bearish trend, which has been started by the stochastic, were all signs that the expected trend for today is bearish; starting its targets at 91.00. Keep in mind the importance of this stability remaining below 92.90 to insure chances of achieving this scenario.

The trading range for today is among the key support at 90.00 and the key resistance at 92.90.

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

Previous Report Weekly Report

Support91.5590.9090.4090.0089.55Resistance91.9092.6592.9093.3093.60RecommendationBased on the charts and explanations above our opinion is selling the pair around 91.90 targeting 91.00 and stop loss above 92.70, might be appropriate.