Morning Report

The pair is showing more signs of attempting to retest 88.55 before continuing the bearish trend. The suggested bearish trend and follows the harmonic technical pattern and is expected to break it down to be explained as a AB=CD harmonic pattern; targeting 86.55 since any trading below 89.50 will maintain the chance of this pattern intact. From here, due to momentum indicators oversold signs, we see that a bullish trend in overall will lead the pair to complete the CD leg pattern for the harmonic technical pattern, after riding of oversold signs on technical indicators as it continues its expected bearish direction.

The trading range for today is among the key support at 86.10 and the key resistance at 90.20.

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

Previous Report Weekly ReportSupport87.7587.3086.9086.5586.10Resistance88.5589.3089.5590.2090.60RecommendationBased on the charts and explanations above our opinion is selling the pair around 88.55 targeting 86.55 and stop loss above 89.55, might be appropriate.