Morning Report

The pair stabilized below support for the bearish direction as resistance has descended towards 88.55, thus insuring the bearish direction previously continuing. Momentum indicators are near oversold areas and thus we could witness some fluctuation and retouch the mentioned resistance, before heading towards continuing the expected bearish intraday trend. Meanwhile, technical targets will start at 87.30 then 86.40 and requires achieving stability below 89.30.

The trading range for today is among the key support at 87.30 and the key resistance at 89.30.

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

Previous Report Weekly ReportSupport88.0087.7587.3086.9086.40Resistance88.5589.3089.7090.2090.60RecommendationBased on the charts and explanations above our opinion is selling the pair around 88.55 targeting 87.30 and stop loss above 89.30, might be appropriate.