Morning Report

The pair managed to stabilize below the pivotal support between 90.80 - 90.60; while reinforcing the bearish trend's expectations previously shown. The minor descending channel and achieving stability below the MA 50, alongside the breach of mentioned support levels are all factors that encourage us to expect a bearish intraday direction; first key target is around 89.00. Keep in mind that the breach of 91.20 will weaken chances of achieving today's downside move.

The trading range for today is among the key support at 89.00 and the key resistance at 91.60.

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

Previous Report Weekly Report

Support90.0089.5589.1088.4588.00Resistance90.8091.2091.6092.2592.70RecommendationBased on the charts and explanations above our opinion is selling the pair around 90.80 targeting 89.60 and stop loss above 91.60, might be appropriate.