Morning Report

The pair has inclined achieving a daily closing above SMA 100 but it is currently hovering around the key resistance level of 1.3240 where 38.2% Fibonacci retracement of the entire downside wave from 1.4245 to 1.2625 exists. The solidity previously seen from this sensitive level and the resistance offered by the upper line of Keltner channel force us to stay aside today. But, the most important technical question is, shall we witness a potential head and shoulders top pattern? Traders will answer during the upcoming sessions.

The trading range for today is among key support at 1.3005 and key resistance at 1.3460.

The general trend over short term basis is to the downside, targeting 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.