Morning Report

The pair managed to flawlessly achieve the suggested scenario for yesterday, where the bearish direction halted at support for the descending channel, which organizes current trading and rebounded to the upside due to positive effects from momentum indicators. The current descending channel's strength makes us expect a bullish intraday trend; requiring the breach of 1.325 to head towards 1.3395 initially. The overall direction for the pair is bearish, where the expected ascend for today will naturally trade according to rules of movement within these price channels.

The trading range for today is among the key support at 1.3035 and the key resistance at 1.3395.

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

Previous Report Weekly ReportSupport1.31701.31251.30901.30351.2960Resistance1.32651.33401.33951.34451.3495RecommendationBased on the charts and explanations above our opinion is buying the pair with the breach of 1.3265 targeting 1.3395 and stop loss below 1.3170, might be appropriate.