The pair succeeded in stabilizing once again above 88.20 and build a base above SMA 50, thus making us expect a bullish intraday direction, where primary targets are around 89.50. Momentum indicators have lost bullish momentum and are showing negative signs that will cause the pair to retest 88.20 before heading towards achieving the bullish trend; requiring the four-hour closing to be above 87.80 to insure that it prevails.
The trading range for today is among the key support at 87.00 and the key resistance at 90.00.
The short term trend is to the downside as far as 101.65 remains intact with targets at 82.60.
Previous Report Weekly Report
Support88.2087.8087.5587.0086.40Resistance88.9589.5089.7090.2090.60RecommendationBased on the charts and explanations above our opinion is buying the pair around 88.20 targeting 89.50 and stop loss below 87.55, might be appropriate.