Morning Report

The sharp bearish trend remains within the pair; whereas RSI still points to the possibility of more bearish movement for today; ADX is also sharply pointing to an ascend. The oversold signs on Stochastic could cause some fluctuation and bullish correction, but according to the suggested wave scenario expectations of the pair continuing in its current direction 1.3110 as a start, then towards the psychological barrier 1.3000 to complete the suggested impulsive wave scenario and determine completing its fifth wave.

The trading range for today is among the key support at 1.3000 and the key resistance at 1.3485.

The short term trend is to the downside as far as 1.4410 remains intact with targets at 1.2450.

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RecommendationBased on the charts and explanations above our opinion is selling the pair from 1.3310 targeting 1.3100 and stop loss above 1.3410, might be appropriate.