As previously warned in yesterday's midday report, the negative pressure on the pair was able to complete the bearish technical pattern without the need to clearly breach 88.00. This breach will cause the expected bearish trend scenario to return, shown in our report in the beginning of the week. Stability below SMA 50 encourages us to expect the breach of the mentioned level and then pave the way towards achieving the bearish intraday direction; starting at 86.95 that requires stability below 89.15.
The trading range for today is among the key support at 86.95 and the key resistance at 89.15.
The short term trend is to the downside as far as 101.65 remains intact with targets at 82.60.
Previous Report Weekly ReportSupport88.0087.6586.9586.4085.80Resistance88.6589.1589.6090.2090.60RecommendationBased on the charts and explanations above our opinion is selling the pair with the breach of 88.00 targeting 86.95 and stop loss above 88.65, might be appropriate.