Morning Report

The pair has mildly retraced from the intraday support around 1.3110 during the Asian session after achieving a negative daily closing below SMA 50 and below SMA 100 as seen on the provided daily chart. Adding Fibonacci retracement tool for the wave from the significant low around 1.2625 to the peak of 1.3485 will proved that 38.2% has been already taken opening the door towards 50% Fibonacci at 1.3055 followed by 1.3005 once again. The bearishness may continue today supported by the candlesticks formation and the negativity on Stochastic while a break below 1.3110 will confirm and accelerate.

The trading range for today is among key support at 1.2860 and key resistance at 1.3320.

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 1.3180 targeting 1.3005 and stop loss above 1.3300 might be appropriate.