Morning Report

The pair descended in line with yesterday's expectations, but we see that it was not able to achieve any target from the harmonic formation targets shown in the image above; therefore, we think that stability above 86.25 will be able to take the pair within a bullish wave reaching towards the first target for the harmonic technical pattern, which is taking the form of an AB=CD pattern as the target is 38.2% correction from the CD leg, suggested from the chart above.

The trading range for today is among the key support at 86.25 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

Support87.0086.8086.2585.9585.35Resistance87.9588.4588.8089.6090.20RecommendationBased on the charts and explanations above our opinion is buying the pair around 87.00 targeting 88.80 and stop loss below 86.25, might be appropriate.