Morning Report

The pair halted yesterday's descend around the awaited target 1.3080 and rebounded due to the positivity of momentum indicators, alongside the strength of the mentioned support level that represents 50% Fibonacci correction. Some fluctuation is currently expected, but in overall the bearish trend will remain over an intraday basis targeting 1.2965 initially, if we do not witness a breach of 1.3210 and a base built above it.

The trading range for today is among the key support at 1.2915 and the key resistance at 1.3300

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

Previous Report

Weekly Report

Support1.31201.30801.30001.29651.2915
Resistance1.31801.32101.32751.33001.3365
RecommendationBased on the charts and explanations above our opinion is selling the pair around 1.3180 targeting 1.3000 and stop loss above 1.3365, might be appropriate.