Morning Report

Adopting a favorable reaction to yesterday's proposed scenario, the pair has plummeted towards 1.3140 zones as seen on the provided daily chart. The current recovery is still limited below the pivotal resistance zones between 1.3230 and 1.3240 while Stochastic remains negative. Thereby, the bearishness remains in favor over intraday basis; noting that a break below 1.3140 will accelerate and confirm the awaited downside wave.

The trading range for today is among key support at 1.3005 and key resistance at 1.3415.

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 1.3215 targeting 1.3005 and stop loss above 1.3375 might be appropriate.