Moving to the daily chart, we can see how the middle line of Keltner channel has played a magnificent rule in sending the pair lower as we anticipated yesterday. Now, the pair is hitting SMA 50-red- while Stochastic and OsMA continues showing negative signs. In result, we keep our bearish outlook- discussed in the weekly report- intact over intraday basis. Of note, stability below the psychological levels of 1.3000 will actuate bears to support their short positions.
The trading range for today is among key support at 1.2790 and key resistance at 1.3230.
The general trend over short term basis is to the downside, targeting 1.1865 as far as areas of 1.3550 areas remain intact.
|Recommendation||Based on the charts and explanations above our opinion is, selling the pair around 1.3050 targeting 1.2840 and stop loss above 1.3200 might be appropriate.|