Morning Report

The pair continued consolidating between 38.2% and 50 Fibonacci levels of the upside wave from 1.2625 to the peak of 1.3485 after finding a good support around 1.3050 zones. We can notice that trading remains below the previous broken support line which carried the aforesaid wave while SMA 100 serves as a solid resistance for the previous five days. We hold onto our classical bearish overview but we need another breakout below the pivotal support of 1.3080 to confirm and accelerate.

The trading range for today is among key support at 1.2975 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.

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Weekly Report

RecommendationBased on the charts and explanations above our opinion is, selling the pair below 1.3080 targeting 1.2900 and stop loss above 1.3320 might be appropriate.