Morning Report

The channel is currently ascending and dominating the pair that is trading belowSMA 50 - current value is at 91.90 - where support for the ascending channel has stopped at 90.95. Meanwhile, 61.8% Fibonacci correction supported by the SMA 50 held its stance and therefore we expect a bearish intraday direction that start with the breach of 90.95 and heads towards 90.00 then 89.55. Chances of achieving an expected bearish trend that requires stability below 92.90.

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

Support90.9590.4090.0089.5589.00Resistance91.9092.6592.9093.3093.60RecommendationBased on the charts and explanations above our opinion is selling the pair around 91.90 targeting 90.40 and stop loss above 92.70, might be appropriate.