Morning Report

The pair started attempts to breach the awaited resistance at 85.70, but negativity on momentum indicators have left trading near this level and made it the process difficult for the pair to ascend. The breach of the mentioned level, alongside stability above SMA 50 are factors that encourage us to hold onto yesterday's suggested scenario; therefore, we expect a bullish intraday trend starting its targets at 86.90 then 87.35. Keep in mind the importance of building a base above 85.15 to insure resuming the ascend expected for today.

The trading range for today is among the key support at 84.70 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.

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Weekly Report

RecommendationBased on the charts and explanations above our opinion is buying the pair around 85.70 targeting 86.90 and stop loss below 84.85, might be appropriate.