Morning Report

The ongoing negative pressure occured yesterdayassisted the pair toreturn within the previously breached descending channel through the main descending channel shown above.We can expect some bullish movement to touch resistance for the main channel in addition to the natural trading within the minor descending channel, alongside the positive signs coming from momentum indicators. In overall, we see that the expected bearish direction over an intraday basis; targeting 1.3100 - 1.3080 and requires the daily close below 1.3320.

The trading range for today is among the key support at 1.3080 and the key resistance at 1.3320.

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

Previous Report Weekly ReportSupport1.31901.31151.30851.30301.2960Resistance1.32651.33201.33901.34151.3480RecommendationBased on the charts and explanations above our opinion is selling the pair from 1.3320 targeting 1.3190 and stop loss above 1.3390, might be appropriate.