Morning Report

The pair breached the descending channel's resistance level to currently trade in the wedge between the retest ofthis broken resistance - turned into support at 1.2930 -, and retest the previously breached support level at 1.3080. Stochastic is giving off negative signs that is negatively pressuring the pair, alongside building a base below SMA 50; although in overall, we require a clearer sign through observing the pair's movement for critical levels highlighted above. In conclusion, breaching 1.2930 will help the bearish trend, while breaching 1.3080 will add more assurance over the bullish trend rebound.

The trading range for today is among the key support at 1.2800 and the key resistance at 1.3200.

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

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RecommendationBased on the charts and explanation above our opinion is observing the pair’s movement to insure its upcoming direction.