Morning Report

The pair has retraced from 50% Fibonacci of the entire upside wave from 1.2625 to the significant peak of 1.3485 but the closing was achieved negatively below SMA 100 and 38.2% level as seen on the provided daily chart. We hold onto our bearish predictions over intraday basis supported by the weakness on Stochastic and the solid resistance line of Pitchfork channel. A break below 1.3080 is needed to confirm and accelerate the move.

The trading range for today is among key support at 1.2930 and key resistance at 1.3290.

The general trend over short term basis is to the downsidetargeting 1.1865 as far as areas of 1.3550 areas remain intact.

Previous Report

Weekly Report

RecommendationBased on the charts and explanations above our opinion is, selling the pair below 1.3080 targeting 1.2975 and stop loss above 1.3235 might be appropriate.