Morning Report

The pair is fluctuating within the narrow range yesterday and gradually nearing the retesting level for the previouslybroken support that has currently turned into resistance at 1.2010.Stochastic started to turn negative and thereby encouraging us to maintain our previous expectations of a bearish intraday trend that targets initially 1.1900. Keep in mind that the breach of 1.2010 and building a base above it will pave the way for natural trading within the current downside channel, and then head towards its resistance at 1.2200.

The trading range for today is among the key support at 1.1845 and the key resistance at 1.2100.

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

Previous Report Weekly ReportSupport1.19001.18451.18051.17451.1700Resistance1.20101.20401.21051.21401.2200RecommendationBased on the charts and explanations above our opinion is selling the pair around 1.2040 targeting 1.1900 and stop loss above 1.2140, might be appropriate.