Morning Report

The pair breached resistance for the bearish channel mentioned in previous reports, where it stabilized by closing the chain of four hour candlesticks above it, currently finding horizontal resistance at 86.20 and forming a pivotal point for the current intraday direction as the pair built a base aboveSMA 50; therefore, giving priority to achieve the expected bullish intraday direction that will start with a clear breach of 86.20 that will pave the way towards targeting 87.35 initially. Keep in mind that the breach of 85.40 will make the pair return within the bearish trend once again and cause today's suggested bullish scenario to fail.

The trading range for today is among the key support at 85.00 and the key resistance at 87.35.

The short term trend is to the downside as far as 91.55 remains intact with targets at 82.60.

Previous Report

Weekly Report

RecommendationBased on the charts and explanations above our opinion is buying the pair with the breach of 86.20 targeting 87.35 and stop loss below 85.30, might be appropriate.