Morning Report

The pair was able to achieve yesterday's suggested scenario flawlessly by touching bottom levels recorded on Thursday last week around 1.2515; whereas support for the descending channel moved to the downside towards 1.2460. This points to more bearish intraday direction, but not before the pair attempts a minor bullish correction. It is vital that stability is achieved below 1.2735 to achieve these expectations.

The trading range for today is among the key support at 1.2385 and the key resistance at 1.2735.

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

Previous Report Weekly ReportSupport1.25101.24601.24001.23851.2325Resistance1.25751.26001.26451.27001.2740RecommendationBased on the charts and explanations above our opinion is selling the pair from 1.2645 targeting 1.2515 and stop loss above 1.2735, might be appropriate.