Morning Report

The ongoing negative pressure has caused the pair's pivotal support to complete forming the bearish technical pattern after breaching its neckline at 1.3635. The fact that, trading is below pivotal support levels point might point out a intraday reversal, where we can expect to see a possible bearish intraday trend that will first retest first the mentioned neckline to head towards 1.3525 then the more vital 1.3485. The breach of 1.3680 will make the bearish technical pattern scenario fail and make the bullish direction show in yesterday's reports return.

The trading range for today is among the key support at 1.3485 and the key resistance at 1.3765.

The general trend is to the upside if we do not witness a daily closing below 1.3485 with targets at 1.5150.

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RecommendationBased on the charts and explanations above our opinion is selling the pair from 1.3635 targeting 1.3525 and stop loss above 1.3680, might be appropriate.