Morning Report

The potential bearish classical pattern discussed earlier remains valid while the pair is gradually approaching its neckline as seen on the provided graph. SMA 50 -colored in red- becomes closer and is valued at 1.3110 where a break of which will weaken the neckline of the pattern. MACD traditional is definitely negative reinforcing the bearish scenario. Note that choppy trading may continue as traders are waiting for NFP data from the U.S. today.

The trading range for today is among key support at 1.2830 and key resistance at 1.3375.

The general trend over short term basis is to the downsidetargeting 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 1.3180 targeting 1.2900 and stop loss above 1.3375 might be appropriate.