Morning Report

The pair continued the negative pressure to breach the support for the ascending intraday channel, consolidating below 50 MA. The pair is now facing the critical intraday support at 1.3175 where breaching this level confirms the reversal of intraday trading to the downside. On the other hand, Stochastic is oversold which might push the pair in an attempt to return to the bullishness. Therefore, we recommend observing the pair for the coming period especially around 1.3175 support and 1.3295 resistance.

The trading range for today is among the major support at 1.3080 and the major resistance at 1.3460.

The short term trend is to the upside as with steady daily closing above 1.2795 targeting 1.5135.

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RecommendationBased on the charts and explanations above our opinion is observing trading around the levels mentioned for more confirmations for the coming trend