Morning Report

The pair was stuck above resistance for the previously breached bearish channel and below the retest level 1.2730; whereas momentum indicators lost bullish momentum and thereby maintaining chances of achieving yesterday's suggested bearish scenario intact. We expect a bearish intraday trend that targets 1.2570 mainly, but keep an eye on trading for 1.2730, where if the pair stabilizes above this level it will weaken the suggested bearish trend prevailing.

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