Morning Report

The pair kept stability above 84.00, while momentum indicators continue offering negative signs that maintain chances of resuming some bearish sideways fluctuations intact. We could witness some minor bearish correction towards 83.50 before continuing to the expected bullish intraday trend, targeting next levels around 86.00. Stability is above 83.50 is vital to insure that these expectations are not postponed.

The trading range for today is among the key support at 83.50 and the key resistance at 86.00.

The short term trend is to the downside as far as 91.55 remains intact with targets at 77.70.

RecommendationBased on the charts and explanations above our opinion is buying the pair around 83.50 targeting 85.00 and stop loss below 82.90, might be appropriate.