Morning Report

The pair has slightly corrected towards the middle line of Keltner channel as seen on the provided daily chart. But, the negative sign on Stochastic remains unchanged; whilst 38.2% Fibonacci retracement of the wave from 1.4245 to 1.2625 and SMA 100 continued offering solid cover for bears. Henceforth, we keep our bearish anticipations intact over intraday basis; noting that a break below 1.3110 will threaten yesterday's low around 1.3080 followed by 1.3005.

The trading range for today is among key support at 1.2930 and key resistance at 1.3375.

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 1.3180 targeting 1.2975 and stop loss above 1.3325 might be appropriate.