Morning Report

The pair succeeded in achieving the suggested scenario yesterday, especially after breaching support for the rising wedge and heading to the downside due to the negative pressure, in addition to the MA 50. Momentum indicators are showing clear oversold signs, thus pushing to retest pivotal level 1.2730 before heading towards achieving more expected bearish movement today. The awaited targets start at 1.2570 then 1.2470, requiring stability of the daily closing below 1.2730.

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 1.2730 targeting 1.2625 and stop loss above 1.2770, might be appropriate.