Morning Report

The pair is finding difficulty in breaching 1.2830 the pivotal support from the positivity of momentum indicators that have started to gradually lose bullish momentum, thereby pointing to near chances of resuming more negative pressure on the pair. From here, we can expect a bearish intraday direction that initially start support with the breach of the mentioned support and head towards 1.2710 - 1.2670 primarily. Keep in mind that the bearish direction requires a base to be build below 1.2925.

The trading range for today is among the key support at 1.2670 and the key resistance at 1.3000.

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

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Weekly Report

RecommendationBased on the charts and explanations above our opinion is selling the pair with the breach of 1.2830 targeting 1.2710 and stop loss above 1.2910, might be appropriate.