Morning Report

The pair assured yesterday the forming of a rising technical pattern that was mentioned in our previous reports, but stopped at the 61.8% Fibonacci levels that is forming into a resistance, forcing the pair to depreciate and retest the previously breached neckline at 1.2770 before extending the ascending intraday basis direction that is expected today, with Initial targets at 1.2900 - 1.2950; Noting that if trading stabilizes below 1.2770 - 1.2730, it will weaken the chances of accomplishing the suggested targets and the short-term descending trend will be activated again.

The trading range for today is among the major support at 1.2670 and the major resistance at 1.2950.

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

Previous Report

Weekly Report

Support1.27701.27301.26751.26251.2600
Resistance1.28401.29001.29501.30001.3090
RecommendationBased on the charts and explanations above our opinion is buying the pair around 1.2770 targeting 1.2900 and stop loss below 1.2675 might be appropriate