Morning Report

The pair returned to negatively pressuring the support level for the minor channel shown above at 1.4110 and nearing the more critical support at 1.4050. Momentum indicators are still providing positive signs that might push the pair to the upside to retest the breach level before continuing to the downside over intraday basis which targets areas starting from 1.4050 and then 1.3945. Areas of 1.4225 must hold for the bearish expectations to prevail.

The trading range for today is among the major support at 1.3945 and the major resistance at 1.4225.

The general trend is to the upside as far as 1.3480 is intact with targets at 1.6000.

RecommendationBased on the charts and explanations above our opinion is selling the pair from 1.4140 targeting 1.4050 and stop loss above 1.4225, might be appropriate