Morning Report

The strong negative pressure occuredyesterdayhaas resulted insharp declines taht took the pair to approach the pivotal support for the short term intraday direction at 1.3530. Momentum indicators are showing oversold signs and chances of a minor bullish correction intact, but on the overall we expect a bearish intraday trend due to the effect of the bearish technical pattern that will be completed if the mentioned support is breached. The fist main target is around 1.3400, while paying attention that the breach 1.3695 will cancel out the possibility of an expected bearish intraday direction.

The trading range for today is among the key support at 1.3430 and the key resistance at 1.3725.

The general trend is to the upside as far as 1.3485 remains intact with targets at 1.6000.

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RecommendationBased on the charts and explanations above our opinion is selling the pair with the breach of 1.3530 targeting 1.3400 and stop loss above 1.3625, might be appropriate.