Morning Report

The pair respected yesterday's expectations and halted the move at the resistance for the descending channel which declined to 1.2120. Momentum indicators show overbought signals, and in addition to the mentioned resistance and 61.8% correction, we see the likelihood for an intraday downside move targeting 1.1980. Four-hour closing above 1.2150 will accelerate the upside move initially towards 1.2300.

The trading range for today is among the major support at 1.1980 and the major resistance at 1.2220.

The short term trend is to the downside as far as 1.3770 is intact with targets at 1.1700.Support1.21001.20451.19801.19101.1870Resistance1.21201.21501.22201.22901.2335RecommendationBased on the charts and explanations above our opinion is selling the pair around 1.2120 targeting 1.1980 and stop loss above 1.2220 might be appropriate