Morning Report

The pair is trading within thesecondary ascending channel that is forming the flag pattern, where we expect it to lead to a retest of the previously broken support level that has descended towards 1.1995, as it naturally targets resuming the main bearish trend.Stochastic is moving close to overbought areas and thereby encouraging us to expecta bearish trend to beresumed today; main targets start at 1.1785 and require building a base to achieve the four-hour closing below 1.1995.

The trading range for today is among the key support at 1.1785 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 ReportSupport1.19101.18751.18451.17851.1745Resistance1.19951.20251.20851.21051.2140RecommendationBased on the charts and explanations above our opinion is selling the pair around 1.1995 targeting 1.1875 and stop loss above 1.2085, might be appropriate.