Morning Report

The pair breached thesupport line for the bullish channel appearingon the image above, where a possibility of a bearish technical pattern's neckline is at 1.3115. These factors make us expect a bearish intraday direction, but keep in mind that the two main points is achieving this descend; first, a clear breach of 1.3115, second is building a base below 1.3250. The breach of this level will help the bullish pace to return.

The trading range for today is among the key support at 1.2990 and the key resistance at 1.3250.

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

Previous Report

Weekly Report

Support1.31151.30701.30251.29901.2945
Resistance1.31801.32101.32501.33251.3360
RecommendationBased on the charts and explanations above our opinion is selling the pair with the breach of 1.3115 targeting 1.2990 and stop loss above 1.3210, might be appropriate.