Morning Report

Afterbeing resisted yesterday at1.3575, where the pair was able to resume the expected bearish intraday direction and achieve the breach of pivotal support of 1.3495. Itiscurrently forming the neckline for the bearish technical pattern, shown in the image above. Today, we expect more possible bearish movement, where its upcoming targets are around 1.3315. Keep in mind that the breach of 1.3485 represents additional assurance for reversing the trend into a bearish one.

The trading range for today is among the key support at 1.3315 and the key resistance at 1.6000.

The general trend is to the upside if we do not witness a daily close below 1.3485 with targets at 1.6000.

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RecommendationBased on the charts and explanations above our opinion is selling the pair from 1.3495 targeting 1.3390 and stop loss above 1.3575, might be appropriate.