Morning Report

The pair declined sharply yesterday and breached the critical support for the upside trend, which started in June 2010, where this breach negated our expectations of an upside movement yesterday. Consolidation below 1.3970-10 could support the pair to extend the downside movement, but we remain neutral today, awaiting more confirmations regarding the mentioned breach.

The trading range for today is among the major support at 1.3745 and the major resistance at 1.4150

The short-term trend is to the upside with steady daily closing above 1.2795 targeting 1.5135.

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RecommendationBased on the charts and explanations above we remain neutral awaiting more confirmations