Morning Report

One more negative daily closing was achieved below 38.2% Fibonacci retracement of the entire downside rally from 1.4245 to the significant low of 1.2625 as seen on our provided chart. Furthermore, Stochastic has overlapped negatively within overbought zones for the first time since February, 27; thus, the bearishness remains favored over intraday basis and a breakout below 100-Day SMA will accelerate. On the upside the wide resistance areas between 1.3320 and 1.3375 should hold to keep our scenario valid.

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 around 1.3240 targeting 1.3025 and stop loss above 1.3375 might be appropriate.