Morning Report

The pair continued the downside movement as expected, and now it approaches 88.6% Fibonacci correction of the bullish wave, which started from 1.3145 and ended at 1.4247. The mentioned correction is close to the support level of the technical structure shown in green. Stochastic is within oversold areas, while the relative strength index settled at the 30-point level. Therefore, we expect an upside correction today as long as the level of 1.3270 remains intact.

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 1.3270, and take profit in stages at (1.3380 and 1.3490) and stop loss above 1.3145 might be appropriate