Morning Report

The pair failed in stabilizing below the critical support at 90.90 and trading returned within the ascending channel. Stochastic unloaded the negative momentum and provided a positive crossover; we expect an intraday upside move which requires the breach of 91.80 targeting initially 93.30. Breaching 90.90 will activate the bearish scenario targeting 89.55 and 88.80.

The trading range for today is among the major support at 90.60 and the major resistance at 93.30.

The short term trend is to the downside as far as 101.65 is intact with targets at 82.60.Support91.4590.9090.6090.0089.55Resistance91.8092.6592.9093.3093.60RecommendationBased on the charts and explanations above our opinion is buying the pair with the breach of 91.80 targeting 93.30 and stop loss below 90.90 might be appropriate