Morning Report

The pair was able to breach critical support at 1.3245 to head downwards due to the effect of the bearish technical target that has completed its formation there. This breaching, alongside being below the MA 50 makes us expect more expected bearish intraday movement starting targets around 1.3080 then 1.3030 to retest the previously breached descending channel's resistance level appearing in the image above. Momentum indicators are showing positive signs that may push to retest yesterday's broken support level.

The trading range for today is among the key support at 1.2965 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.

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Weekly Report

RecommendationBased on the charts and explanations above our opinion is selling the pair around 1.3245 targeting 1.3080 and stop loss above 1.3365, might be appropriate.