Morning Report

The pair ascended quickly towards 1.2900 but managed to built its base once again in front of the pair's attempts to move to the upside due to support fromSMA 50, where it reversed to the downside to stabilize below 1.2830; thus, making us hold onto yesterday's scenario. We expect a bearish intraday direction starting its targets at 1.2730 and then attempt to breach it to pave the way towards targets after reaching 1.2520. It is vital will remain intact below 1.2950 to resume these expectations.

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 1.2910, might be appropriate.