Morning Report

The negative pressure continued on the pair, where it played a role in completing the bearish technical pattern as its neckline is at 1.3265. Meanwhile, trading returns within the previously breached descending channel where we expect the neckline to be retested before heading towards achieving more bearish intraday movement today; targeting 1.3125 mainly. These expectations require the four-hour candlestick closing to remain below 1.3265.

The trading range for today is among the key support at 1.3125 and the key resistance at 1.3385.

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

Previous Report Weekly ReportSupport1.31901.31251.30901.30301.2960Resistance1.32651.33401.33851.34451.3495RecommendationBased on the charts and explanations above our opinion is selling the pair from 1.3265 targeting 1.3125 and stop loss above 1.3340, might be appropriate.