Morning Report

The pair halted its upside movement precisely at yesterday's awaited resistance level at 91.45, where it will start the expected bearish reversal. The strength for the mentioned resistance is due toSMA 50 meeting with 50% Fibonacci, where it has retested the breached minor bullish channel's support level. All these factors encourage us to expect a bearish intraday direction that will start its targets at 89.55; requiring a base to be built below 92.35 to prevail.

The trading range for today is among the key support at 89.55 and the key resistance at 92.25.

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

Previous Report Weekly Report

Support90.6090.0089.5588.9088.00Resistance91.4592.2592.7093.3093.60RecommendationBased on the charts and explanations above our opinion is selling the pair around 91.45 targeting 90.00 and stop loss above 92.35, might be appropriate.