Morning Report

The pair is fluctuating sharply to retest the breached level once again, accompanied by negative signs appearing through momentum indicators; pointing to a bearish intraday trend shown in yesterday's reports that we recommend reviewing. The first required step is represented in stability below 1.2175 and chiefly targets 1.2000. This points out that the breach of 1.2360 could make the intraday direction rebound upwards.

The trading range for today is among the key support at 1.2000 and the key resistance at 1.2360.

The short term trend is to the downside as far as 1.3770 remains intact with targets at 1.1700.

Previous Report Weekly ReportSupport1.21751.21351.21001.20301.2000Resistance1.22401.22801.23351.23651.2420RecommendationBased on the charts and explanations above our opinion is selling the pair with the breach of 1.2175 targeting 1.2030 and stop loss above 1.2280, might be appropriate.