Morning Report

The market has formed a spinning top candlestick pattern over daily basis yesterday. It seems that pair has lost its upside steam started at 1.2975 zones while Stochastic is on its way to show some kind of weakness. We will depend on the above mentioned technical factors to suggest a potential downside move today but areas of 1.3200 should be taken to confirm this intraday direction. The risk limit for bears should be at 1.3320-1.3325 zones.

The trading range for today is among key support at 1.3025 and key resistance at 1.3415.

The general trend over short term basis is to the downside, targeting 1.1865 as far as areas of 1.3550 areas remain intact.

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Weekly Report

RecommendationBased on the charts and explanations above our opinion is, selling the pair below 1.3200 targeting 1.3025 and stop loss above 1.3320 might be appropriate.