Morning Report

The pair managed to build a base on Fibonacci correctional level of23.6% for the last bearish wave that is forming vital resistance in front of the pair. More bearish movement is expected over intraday basis; upcoming targets are around 1.3270. Keep in mind that chances of a bullish intraday rebound could appear if pivotal resistance levels between 1.3410 - 1.3460 are not breached.

The trading range for today is among the key support at 1.3270 and the key resistance at 1.3500.

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 1.3410 targeting 1.3270 and stop loss above 1.3500, might be appropriate.