Morning Report

Trading levels for today are between support 1.2175 and resistance 1.2480 appearing on the pivotal support mentioned yesterday at 1.2175, where it had shown strong resistance in front of the negative pressure on the pair; thereby pushing it to the upside to attack resistance for the descending channel that organizes the last bearish intraday trend. Signs of a bullish technical pattern are appearing on the four-hour chart, after the stability of the mentioned support. We expect a bearish intraday trend today that will start with the breach of resistance 1.2290 to head towards 1.2480 as a main target for today.Stochastic is showing overbought signs that may impede the pair's attempts to ascend.

The trading range for today is among the key support at 1.2175 and the key resistance at 1.2480.

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

Previous Report Weekly ReportSupport1.22551.22001.21751.21351.2100Resistance1.22901.23351.23651.24201.2480RecommendationBased on the charts and explanations above our opinion is buying the pair with the breach of 1.2290 targeting 1.2480 and stop loss below 1.2175, might be appropriate.