Morning Report

The pair is facing difficulty in breaching 1.3500 zoneswhile momentum indicators are entering overbought areas. We expect touching pivotal resistance 1.3530 - meeting point between previously breached support and MA 100 - followed by a reversal, where the pair will achieve through it a bearish intraday direction; main targets start from 1.3435 then 1.3335. It is vital that 1.3565 remain intact to achieve these expectations.

The trading range for today is among the key support at 1.3335 and the key resistance at 1.3585.

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

Weekly Report Previous Report

RecommendationBased on the charts and explanations above our opinion is selling the pair from 1.3530 targeting 1.3435 and stop loss above 1.3585, might be appropriate.