Morning Report

The pair rebounded slightly from 1.3185 support yesterday to test 1.3240 areas , however its currently attempting to the downside towards 1.3185 once more. Stochastic and RSI are turning negative. On the other hand; the 200 SMA is forming another layer of support.Therefore we will stay aside this morning awaiting a technical breach of this support area to confirm a downside move before our midday report.

The trading range for the day is expected among key support at 1.3000 and key resistance at 1.3330.

The general trend over short term basis is to thedownsidetargeting1.1865as far as areas of1.3550remain intact.

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Weekly Report

RecommendationBased on the charts and explanations above we recommend, staying aside awaiting further developments.