Morning Report

The pair settled below 78.6% Fibonacci correction of the upside move, which started from 1.3145 and ended at 1.4247. We expect the downside movement to extend further today towards 88.6% Fibonacci correction at 1.3270. Our negative outlook remains valid as long as the pair is stable below 1.3450, while stability below 1.3380 is much better to confirm our suggested scenario.

The trading range for today is among the major support at 1.3145 and the major resistance at 1.3565.

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 1.3380, and take profit in stages at (1.3310 and 1.3270) and stop loss above 1.3450 might be appropriate