Morning Report

Looking at yesterday's daily closing; we will see that the pair has managed to close below the pivotal resistance areas-turned into support- between 1.3230 and 1.3240. Now, Stochastic started to lose the upside momentum while forming a potential bearish harmonic pattern. Moreover, the probability of forming a potential head and shoulders top pattern remains under our technical microscope; thus, possible bearish actions might be witnessed over intraday basis but not before clearing 1.3240 once again.

The trading range for today is among key support at 1.3025 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.

Previous Report

Weekly Report

RecommendationBased on the charts and explanations above our opinion is, selling the pair below 1.3240 targeting 1.3050 and stop loss above 1.3375 might be appropriate.