Morning Report

The pair has declined aggressively achieving a confirmed daily closing below SMA 50-colored in red- as seen on the provided daily chart. The bearish momentum remains strong according to the candlesticks structure which is similar to bearish stick sandwich pattern. Meanwhile, Stochastic continues offering bearish sign suggesting that the intraday key support level of 1.3005 will be taken sooner. To conclude, our outlook remains bearish and a break below 1.3005 will accelerate the awaited declines.

The trading range for today is among key support at 1.2840 and key resistance at 1.3250.

The general trend over short term basis is to the downside, targeting 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 1.3095 targeting 1.2880 and stop loss above 1.3250 might be appropriate.