Morning Report

The pair continued it's ascend yesterday to touch the retest level for support for the previously breached rising wedge that has also met with the retest level for the breached minor bullish channel as well. Accompanying this is reaching overbought areas that clearly appear through momentum indicators, thus encouraging us to expect a bearish intraday direction, where its first target is around 86.80. It is vital that the daily closing is below 88.00 and thereby maintaining chances of achieving the expected descend for today intact.

The trading range for today is among the key support at 85.35 and the key resistance at 88.80.

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

Previous Report

Weekly Report

Support87.2586.8086.3085.9585.35Resistance87.9588.8089.6090.2090.60RecommendationBased on the charts and explanations above our opinion is selling the pair around 87.95 targeting 86.80 and stop loss above 88.80, might be appropriate.