Morning Report

The key resistance level of 1.3230 succeeded in preventing the pair from achieving more bullishness as seen on the provided daily chart. Our yesterday's caught bearish classical pattern-check the previous reports- remains valid so long as the pair remains below the high of the right shoulder at 1.3215. Those technical factors are rational reasons to suggest a bearish scenario over intraday basis. A break back below 1.3080 will accelerate while 1.3375 should protect the bearish direction. Finally, technical indicator's signals reinforce the scenario until now.

The trading range for today is among key support at 1.2870 and key resistance at 1.3375.

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 1.3200 targeting 1.2975 and stop loss above 1.3375 might be appropriate.