Morning Report

The pair is facing a difficulty in breaching the pivotal support of 1.2600 due to the positive effect from momentum indicators. We still see that the direction is bearish over an intraday basis; where targets start with the breach of the mentioned support level and head toward 1.2510 - 1.2480. it is vital that trading remain below 1.2790 to prevail.

The trading range for today is among the key support at 1.2450 and the key resistance at 1.2790.

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

Previous Report Weekly ReportSupport1.26001.25601.25101.24901.2450Resistance1.26651.27001.27401.27901.2840RecommendationBased on the charts and explanations above our opinion is selling the pair with the breach of 1.2600 targeting 1.2490 and stop loss above 1.2700, might be appropriate.