Morning Report

The pair is stable below the Exponential Moving Averages 20 and 50, and also below the neckline of the bearish technical structure at 1.3665 and below 61.8% Fibonacci correction of the upside wave, which started from 1.3145 and ended at 1.4247, where this correction is at 1.3565. Therefore, we expect the pair to enter a downside movement again to test areas around 1.3380, which if breached, the pair could move further towards areas around 1.3270.

The trading range for today is among the major support at 1.3270 and the major resistance at 1.3665.

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

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Weekly Report

RecommendationBased on the charts and explanations above, our opinion is selling the pair around 1.3515, and take profit in stages at (1.3380 and 1.3270) and stop loss above 1.3620 might be appropriate