Morning Report

The pair touched the descending channel's resistance level and stabilized below it. Stochastic entered overbought areas and thus supports yesterday's suggested scenario; therefore, we expect a bearish intraday direction that starts targets at 1.2800. Note that the breach of 1.2955 will cause chances of resuming this scenario to weaken.

The trading range for today is among the key support at 1.2745 and the key resistance at 1.3080.

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 1.2955 targeting 1.2800 and stop loss above 1.3080, might be appropriate.