Morning Report

The pair continues with the negative pressure, fluctuating around the support level for the ascending channel which structured the upside correction. Accordingly, we hold onto our previous expectations for the trend, were we still believe that the pair will move bearishly over intraday basis today activated with the breach o the support area among 90.15-90.90 then heading to the initial target at 89.00. Stability below 91.80 areas is required for our expectations to remain valid.

The trading range for today is among the major support at 89.00 and the major resistance at 92.90.

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

Previous Report

Weekly ReportSupport90.9090.4090.0089.5589.00Resistance91.8092.6592.9093.3093.60RecommendationBased on the charts and explanations above our opinion is selling the pair with the breach of 90.90 targeting 89.00 and stop loss above 91.80 might be appropriate