The pair was able to breach the pivotal support mentioned yesterday at 1.2310 that has currently turned into resistance descending towards 1.2295, shown above. More bearish movement is expected for today due to stability achieved below breached support, where upcoming targets are around 1.2060. Keep in mind that the four hour closing will stabilize below 1.2295 to achieve these expectations.
The trading range for today is among the key support at 1.2090 and the key resistance at 1.2325.
The short term trend is to the downside as far as 1.3770 remains intact with targets at 1.1700.
Previous Report Weekly ReportSupport1.21601.21251.20601.20001.1950Resistance1.22551.22951.23251.23701.2440RecommendationBased on the charts and explanations above our opinion is selling the pair from 1.2255 targeting 1.2160 and stop loss above 1.2325, might be appropriate.