Morning Report

The pair clearly descended in the Asian trading session today achieving clear trading below 61.8% correction shown in the daily chart. Recently, the way is opened to continue thefifth wave within the suggested impulsive downsidewave scenario that will reach the first target at 1.3285 (the 200% correction for the first internal wave) then towards 1.3100; represented in the 76.4% correction shown above. These technical facts make us expect the bearish direction that may prevail throughout overall trading today. These expectations require trading to stabilize below 1.3485 today.

The trading range for today is among the key support at 1.3350 and the key resistance at 1.3580.

The daily close should be observed today at 1.3485 todefine the short term direction.

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RecommendationBased on the charts and explanations above our opinion is selling the pair from 1.3460 targeting 1.3285 and stop loss above 1.3580, might be appropriate.