Morning Report

The pair moved steadily to the downside where it found some kind of support around 1.3270 zones. Despite retracing slightly from this support, the negativity on Stochastic becomes clearer with the negative divergence formed yesterday. In result, there is room down towards the lower line of Keltner channel but not before clearing the support around yesterday's low followed by 1.3240 zones. Areas of 1.3415 should be the risk limit for intraday traders.

The trading range for today is among key support at 1.3140 and key resistance at 1.3500.

The general trend over short term basis is to the downsidetargeting 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 1.3270 targeting 1.3060 and stop loss above 1.3415 might be appropriate.