The pair has closely neared touching the pivotal support for the short term trend at 89.15, where it continues trading within the minor bearish channel shown above. Momentum indicators are showing clear oversold signs, thus making us expect a bullish rebound on the mentioned level; thus, we see that the expected direction is bullish over an intraday basis; targeting first 91.60. Keep in mind that the daily closing below 89.15 will pave the way to achieve a short term direction and targets 84.00 mainly.
The trading range for today is among the key support at 88.00 and the key resistance at 91.00.
The short term trend is to the downside as far as 101.65 remains intact with targets at 82.60.
Previous Report Weekly Report
Support89.1588.4588.1087.7586.90Resistance89.5590.2090.6091.0091.50RecommendationBased on the charts and explanations above our opinion is buying the pair around 89.15 targeting 90.60 and stop loss below 88.10, might be appropriate.