Morning Report

The pair has achieved a clear upside recovery after touching our previous detected technical objective of 1.3005 where 23.6% Fibonacci of the downside rally from 1.4245 to 1.2625 resides as seen on the provided daily chart. This incline has assisted Stochastic to draw a positive divergence but the daily closing was printed below SMA 50 and below the middle line of Keltner channel. The contrarian between momentum and trend indicators in addition to the sensitivity of the current levels force us to stay aside over intraday basis.

The trading range for today is among key support at 1.2860 and key resistance at 1.3320.

The general trend over short term basis is to the downsidetargeting 1.1865 as far as areas of 1.3550 remain intact.

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Weekly Report

RecommendationBased on the charts and explanations above our opinion is, staying aside until an actionable setup presents itself to pinpoint the upcoming big move.