Morning Report

The pair continues to trade with ongoing trading near support for the ascending channel that has currently ascended to 91.35. The daily closing will stabilize above this level, thus maintaining previous expectations intact as we still see the expected direction to be bullish over an intraday basis, due to support from the positive signs from the stochastic, but the pair is surpassing the SMA 50 that will pave the way towards achieving the awaited targets for today and mainly around 93.30. It is vital that stability is achieve above 90.60 to achieve the suggested scenario.

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

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

Previous Report Weekly ReportSupport91.3590.6090.0089.5589.00Resistance91.7592.2592.6592.9093.30RecommendationBased on the charts and explanations above our opinion is buying the pair around 91.35 targeting 92.25 and stop loss below 90.60, might be appropriate.