Morning Report

The pair pushed to correct the bearish wave mildly, according to the suggested scenario in yesterday's reports and returned to negatively pressure it to resume trading within the current bearish trend. We notice that momentum indicators have started to gradually lose bullish momentum indicators; therefore encouraging us to expect a bearish direction today; starting initial targets at 1.2470, where it requires the daily closing below 1.2730 to prevail.

The trading range for today is among the key support at 1.2470 and the key resistance at 1.2770.

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

Previous Report

Weekly Report

RecommendationBased on the charts and explanations above our opinion is selling the pair around 1.2685 targeting 1.2570 and stop loss above 1.2770, might be appropriate.