Morning Report

After the pair ideally respected yesterday's scenario and reached the awaited targets, the euro declined strongly affected by the FOMC decision to return to trade within the main descending channel shown above, in addition to breaching the critical support at 1.3590. Those factors alongside trading below the MA 50 make us favor an intraday downside move today targeting mainly 1.3360; breaching areas of 1.3590 might delay the awaited targets while breaching 1.3700 might revive the upside move once again.

The trading range for today is among the major support at 1.3320 and the major resistance at 1.3700.

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

Previous Report

Weekly Report

RecommendationBased on the charts and explanations above our opinion is selling the pair around 1.3590 targeting 1.3360 and stop loss with hourly closing above 1.3700 might be appropriate