Morning Report

The pair was able to breach 1.2830 and stabilize below it and thereby activating yesterday's suggested bearish direction; therefore, we can expect a bearish intraday trend targeting first the breach of the vital support for the short term direction at 1.2730, where breaching it will pave the way for more bearish direction towards 1.2520. Chances of achieving the suggested descend depend on stability below 1.2950.

The trading range for today is among the key support at 1.2520 and the key resistance at 1.2950.

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 around 1.2830 targeting 1.2730 and stop loss above 1.2900, might be appropriate.