Morning Report

Finally, the pair has touched our detected technical objective exactly at 1.3005 during the Asian session as seen on the provided daily chart. Now, we have to wait until it takes this level to make sure that the bearishness will continue over intraday basis. Stochastic and the negativity on the candlesticks formations are reasons that argue us to expect a breakout below the aforementioned important level where 23.6% Fibonacci of the downside wave from 1.4245 to 1.2625 zones resides.

The trading range for today is among key support at 1.2795 and key resistance at 1.3200.

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 1.3005 targeting 1.2760 and stop loss above 1.3180 might be appropriate.