Morning Report

The pair was able to breach the support for the sideway range around 1.3350 to take a bearish path within the descending channel, shown in the image above. Some possible fluctuation is expected that will retest thebroken support levels and continue the bearish intraday trend towards upcoming targets around 1.3240 then 1.3195. It is vital that 1.3410 remain intact to achieve these expectations.

The trading range for today is among the key support at 1.3195 and the key resistance at 1.3410.

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 1.3350 targeting 1.3240 and stop loss above 1.3410, might be appropriate.