Morning Report

The pair rebounded from the key support at 1.3000 to currently retest areas around 1.3150 resistance. We consider the current rebound as a mere retest to the area around the previously breached ascending trend-line and the 50-days SMA which may halt any possible deeper pullback. Thus we expect bearishness to resume from the aforementioned cluster of resistance barriers.

The trading range for today is among key support at 1.2970 and key resistance at 1.3375.

The general trend over short term basis is to thedownside, targeting1.1865as far as areas of1.3550remain intact.

Previous Report

Weekly Report

RecommendationBased on the charts and explanations above our opinion is, selling the pair below 1.3165 targeting 1.3030 and 1.2975 stop loss above 1.3260 might be appropriate.