Morning Report

The pair is fluctuating within a sideway range shown above between support 87.30 and resistance 88.00, but keep in mind that the pair is stabilizing below support for the bearish short term trend since last June 29; thus making us expect currently trading to gain enough bearish momentum to support resuming the expected bearish intraday direction, asSMA 50 addsmore negative pressure that supports this suggested descend. The suggested technical targets will start at 86.40 then 84.75. Keep in mind that the breach of resistance between 88.20 - 88.60 could postpone achieving the expected bearish trend. Momentum indicators are showing positive signs that may maintain the sideway fluctuation situation for some time.

The trading range for today is among the key support at 86.60 and the key resistance at 88.60.

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

Weekly ReportSupport87.3086.9086.4085.8085.35Resistance88.0088.6088.9589.4089.70RecommendationBased on the charts and explanations above our opinion is selling the pair around 88.00 targeting 87.00 and stop loss above 88.60, might be appropriate.