Morning Report

Adopting a favorable action to yesterday's technical comment, the pair has plummeted sharply attacking SMA 50. Moving to the four-hour graph, we can see how it has drawn a reversal classical pattern breaching its neckline areas while MACD traditional and RSI are giving off negative signs. Thereby, the bearishness may continue over intraday basis and targets are well seen on the provided graph. Only a break of 1.3230 will give us a rational reason for pause.

The trading range for today is among key support at 1.2735 and key resistance at 1.3315.

The general trend over short term basis is to the downside, targeting 1.1865 as far as areas of 1.3550 areas remain intact.

Previous Report

Weekly Report

RecommendationBased on the charts and explanations above our opinion is, selling the pair around 1.3090 targeting 1.2895 and stop loss above 1.3235 might be appropriate.