Morning Report

The pair respected yesterday's presented scenario, and currently fluctuates with a slight bias to the upside due to the effect of positive momentum. We expect the pair to retest 1.2820 -support for the breached rising wedge yesterday- before furtherexpected bearish intraday movement. Targets start around 1.2680 then 1.2565, four-hour closing below 1.2865 is required for the expectations to prevail.

The trading range for today is among the key support at 1.2565 and the key resistance at 1.2925.

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

Previous Report

Weekly ReportSupport1.27251.26801.26001.25651.2545Resistance1.28201.28651.29251.29851.3025RecommendationBased on the charts and explanations above our opinion is selling the pair around 1.2820 targeting 1.2680 and stop loss above 1.2925, might be appropriate.