Morning Report

In accordance with the negativity over daily studies discussed yesterday, the pair has moved violently downwards touching the initial s7upport around 1.3080 zones as seen on the provided graph. Moving to the four-hour interval, we can see a potential positive divergence that caused an upside correction but we will keep our bearish predictions intact over intraday basis due drawing consecutive four-hour closings below SMA 50; noting that the pair should be well capped below 1.3320-1.3335 areas to keep the bearishness appearing on the bigger time frames valid.

The trading range for today is among key support at 1.2925 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

Morning Report

RecommendationBased on the charts and explanations above our opinion is, selling the pair around 1.3200 targeting 1.2975 and stop loss above 1.3335 might be appropriate.