Morning Report

The pair has re-tested the underside of the previous broken support line that carried the movements from 1.2625 to 1.3485 where it meet SMA 50 as seen o the provided daily chart. The secondary image of the four-hour interval shows that it a bearish candlestick formation has been already formed and it may push the pair lower once again over intraday basis. But, we need to witness a breakout below 1.3080 to confirm the classical bearish scenario and to change the sign appearing on Stochastic.

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.

Previous Report

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.