Morning Report

The negative pressure continued on the pair within the main descending channel ,shown above. We could witness some minor bullish correction due to the effect of momentum indicators, and then continue the expected bearish intraday trend. The main target is at 1.2615. The breach of 1.3000 will weaken chances of continuing this bearish movement.

The trading range for today is among the key support at 1.2615 and the key resistance at 1.2915.

The short term trend is to the downside as far as 1.3770 remains intact with targets at 1.2450.

Previous Report Weekly ReportSupport1.28201.27901.27551.26951.2615Resistance1.29151.29601.30001.30701.3090RecommendationBased on the charts and explanations above our opinion is selling from 1.2915 targeting 1.2820 and stop loss above 1.3000, might be appropriate.