The pair was not able to insure the breach of pivotal support between 88.40 - 88.20 as it bullishly rebounds to form a bullish technical pattern, where its neckline is at 89.15. This pattern makes us expect a bullish intraday direction and requires a clear breach of the mentioned neckline that paves the way towards 89.90 then 90.60. Momentum indicators are near overbought areas, thus causing some missed fluctuation while awaiting the expected breakout.
The trading range for today is among the key support at 88.00 and the key resistance at 90.60.
The short term trend is to the downside as far as 101.65 remains intact with targets at 82.60.
Previous Report Weekly Report
Support88.4588.0087.6587.0086.40Resistance89.1589.6090.2090.6091.00RecommendationBased on the charts and explanations above our opinion is buying the pair with the breach of 89.15 targeting 90.60 and stop loss below 88.45, might be appropriate.