Morning Report

SMA 50 continued representing a hard technical obstacle that prevents the pair from collapsing as seen on the provided daily chart. We added Keltner channel to our graph where we can see how trading is stable below the middle line of the indicator. Meanwhile, Stochastic and OsMA remain negative; thus, we keep our bearish overview unchanged over intraday basis. A break below 1.3045 will trigger panic sell-off actions.

The trading range for today is among key support at 1.2860 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 1.3125 targeting 1.2925 and stop loss above 1.3295 might be appropriate.