Morning Report

Yesterday's massive decline proved the efficiency of the negative divergences on Stochastic and OsMA that was caught during the previous sessions as seen on the provided daily graph. Over four-hour time scale, we can see the double top pattern that supports resuming the bearishness over intraday basis. A break below SMA 100 will accelerate the downside actions; whilst above 1.3490 will threat the bearish outlook. Technical objectives reside at 1.3200 followed by 1.3110 areas.

The trading range for today is among key support at 1.3110 and key resistance at 1.3625.

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

Previous Report

Weekly Report

RecommendationBased on the charts and explanations above our opinion is, selling the pair below 1.3375 targeting 1.3110 and stop loss above 1.3550 might be appropriate.