Morning Report

The pair managed to breach vital support for the short term direction that has currently turned into resistance at 89.25. Signs of a bearish technical target are showing as its neckline is at 88.95, where the pair is insuring the completion of this pattern; therefore, we can expect a bearish trend today as its technical targets start at 88.00 then 87.30. Keep in mind that achieving this scenario requires a base to be built below 89.25.

The trading range for today is among the key support at 87.30 and the key resistance at 89.70.

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

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Support88.0087.7587.3086.9086.40Resistance89.2589.7090.2090.6091.00RecommendationBased on the charts and explanations above our opinion is selling the pair around 89.25 targeting 88.00 and stop loss above 89.70, might be appropriate.