Morning Report

The pair reached halfway towards the awaited target yesterday at 1.2070, returning to attempt a retest for the previously breached support at 1.2210. Yesterday's closing below the mentioned levels makes us expect the bearish intraday trend to prevail, where its key targets start around 1.2070, but keep in mind that the breach of 1.2315 will fail the expected bearish direction for today.

The trading range for today is among the key support at 1.2070 and the key resistance at 1.2470.

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

Previous Report Weekly ReportSupport1.21701.21001.20701.20401.2000Resistance1.22101.23001.23151.24001.2470RecommendationBased on the charts and explanations above our opinion is selling the pair around 1.2210 targeting 1.2070 and stop loss above 1.2315, might be appropriate.