Morning Report

The pair succeeded in achieving yesterday's suggested scenario flawlessly, touching resistance for the current bullish channel. Momentum indicators are showing negative signs that may force the pair toactivate some bearish correction before attempting to achieve more expected bullish intraday movement, as its initial targets will start with the breach of resistance for the bullish channel at 1.2760 and head towards 1.2975 mainly. We point out that, building a base above 1.2580 is vital to insure that these expectations prevail.

The trading range for today is among the key support at 1.2600 and the key resistance at 1.2975.

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

Previous Report Weekly ReportSupport1.26551.26001.25801.25451.2505Resistance1.27601.28151.28401.28951.2940RecommendationBased on the charts and explanations above our opinion is buying the pair around 1.2655 targeting 1.2760 and stop loss below 1.2600, might be appropriate.