Morning Report

The decline seen yesterday could affect our weekly expectations released yesterday, where we recognize a bearish technical structure on the chart, while consolidation below the exponential moving average 50 could activate the bearish structure that could trigger a downside movement today. At the same time, the falling wedge pattern -Bullish structure- is still valid. Therefore, due to the technical conflict seen we prefer to remain neutral today, awaiting more confirmations regarding the pair's next movement.

The trading range for today is among the major support at 1.3080 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

Previous Report

Weekly Report

Support1.33651.33001.32701.32201.3160
Resistance1.33801.34151.34901.35151.3565
RecommendationBased on the chart and explanations above we remain neutral awaiting more confirmations