Morning Report

The pair failed at stabilizing below 1.3480, due to the bullish wave since it was limited to levels below scattered resistance 1.3570 - 1.3600. On the four-hour image above we see that Stochastic is showing overbought signs; whereas RSI is unable to achieve any stability above 50, alongside trading still below main support for the bullish direction shown in the green above. These classical technical facts make us expect that the pair could descend throughout trading today.

The trading range for today is among the key support at 1.3430 and the key resistance at 1.3680.

The short term trend is to the upside as far as 1.3485 remains intact with targets at 1.5150.

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RecommendationBased on the charts and explanations above our opinion is selling the pair from 1.3580 targeting 1.3430 and stop loss above 1.3680, might be appropriate.