Morning Report

The negative pressure on the pair yesterday has caused the breach of pivotal support levelsstarting from the bullish channel and passing by the retest of the previouslybroken neckline at 1.2330. SMA 50 has stopped the pair's bearish movement, supported by oversold signson Stochastic; thus; causing a bullish rebound. We recommend observing trading for today, especially support 1.2280 - breaching it to pave the way for more bearish correction - resistance 1.2330 - that would breach it to the upside after returning the breached bullish pace since yesterday -.

The trading range for today is among the key support at 1.2170 and the key resistance at 1.2780.

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

Previous Report Weekly ReportSupport1.22801.22501.22151.21701.2085Resistance1.23301.24001.24701.25001.2565RecommendationBased on the charts and explanations above our opinion is to follow up on the pair for the mentioned levels above, might be appropriate.