Morning Report

The pair has pushed to the downside after building a base on 90.60 and is nearing support for the key bullish channel around 89.10, accompanied by momentum indicators entering oversold areas, where we recommend keeping in mind paying attention to a bullish rebound that may occur in the upcoming period. Keep in mind that the pair today will attempt to bearishly move over an intraday basis; targeting the mentioned support and then observe the pair's movement around this level to insure the upcoming intraday short term direction. The stability of this level will maintain trading for the current bullish medium term wave intact, where breaching it will pave the way towards a bearish direction that targets levels below 87.00.

The trading range for today is among the key support at 88.00 and the key resistance at 91.50.

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

Previous Report Weekly Report

Support89.5589.1088.4588.0087.75Resistance90.2090.6091.0091.5092.25RecommendationBased on the charts and explanations above our opinion is selling the pair around 90.20 targeting 89.10 and stop loss above 91.00, might be appropriate.