Morning Report

In line with our yesterday's bearish scenario, the pair has plummeted achieving a decisive breakout below the uptrend line that carried the movements from the short term low recorded around 1.2625 as seen on the provided daily chart. This breakout is to be added to the breakout below 38.2% Fibonacci of the entire upside rally from1.2625 to the high of 1.3485 and below moving averages suggesting additional bearishness over intraday basis. Another breakout below 1.3005 will bring panic sell-off actions. On the other side, areas between 1.3230 and 1.3250 should act as a ceiling for bears.

The trading range for today is among key support at 1.2740 and key resistance at 1.3385.

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 1.3080 targeting 1.2825 and stop loss above 1.3250 might be appropriate.