Morning Report

The pair continues to fluctuate around resistance for the bearish short term channel until it recently breached this resistance at 1.2695, finally fluctuating to show a bullish technical pattern that is near completion. The neckline is at the retest level shown previously at 1.2730 which we warn within trading. In return,SMA 50 is forming the resistance for the short term direction, alongside momentum indicators nearing overbought areas. These factors make us hold onto previously expectations, where we expect a bearish intraday direction, but keep in mind the importance of achieving the key factor to maintain this bearish trend and stabilize below 1.2730.

The trading range for today is among the key support at 1.2570 and the key resistance at 1.2835.

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 1.2730 targeting 1.2600 and stop loss above 1.2770, might be appropriate.