Morning Report

The pair pushed to the upside to touch the descending channel's resistance level that is currently declining to 1.3240. Momentum indicators are moving within overbought areas, thus adding negative pressure on the pair; therefore the expected bearish intraday direction will remain valid, as long as trading remains below the mentioned resistance level. Keep in mind that, breaching 1.3240 will make us reevaluate the suggested bearish direction.

The trading range for today is among the key support at 1.2965 and the key resistance at 1.3365

The short term trend is to the upside as far as 1.2795 remains intact with targets at 1.5135.

Previous Report

Weekly Report

RecommendationBased on the charts and explanations above our opinion is selling the pair around 1.3240 targeting 1.3080 and stop loss above 1.3365, might be appropriate.