Morning Report

The pair has closed negatively yesterday below the middle line of Keltner channel as seen on the main daily chart and now it is battling SMA 100. Meanwhile, Stochastic continues moving to the downside affected by the negative divergence caught earlier. Thereby, we hold onto our bearish anticipations over intraday basis supported by the classical double top over four-hour interval and stability below SMA 50 -red- as seen on the subsidiary image. A break below 1.3240 will accelerate.

The trading range for today is among key support at 1.3110 and key resistance at 1.3550.

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 1.3330 targeting 1.3110 and stop loss above 1.3500 might be appropriate.