Morning Report

SMA 50 was able to halt the pair's upside push as bearish signs helped it through Stochastic indicator, where the pair is currently heading towards pivotal support around 1.2150; representing the suggested neckline for the bearish technical patternwhich is under preparation. Yesterday's expectations will remain intact as we expect a bearish intraday direction that requires the breach of 1.2150 to pave the way towards 1.2070 then 1.2000, which will be completed if a base is built below 1.2335.

The trading range for today is among the key support at 1.2000 and the key resistance at 1.2335.

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

Previous Report Weekly ReportSupport1.21501.21001.20701.20401.2000Resistance1.22101.22701.23001.23351.2400RecommendationBased on the charts and explanations above our opinion is selling the pair with the breach of 1.2150 targeting 1.2000 and stop loss above 1.2210, might be appropriate.