Morning Report

The pair has moved sharply to the downside achieving a new negative closing below 38.2% Fibonacci retracement of the entire upside rally from 1.2625 to 1.3485 zones as seen on the provided graph. SMA 100 stopped yesterday's collapse but Stochastic turned into negative. Thus, we believe that the pair may achieve a new technical attempt to clear SMA 100 while breaching through 1.3055 will confirm and accelerate the bearish actions.

The trading range for today is among key support at 1.2930 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 1.3200 targeting 1.3025 and stop loss above 1.3320 might be appropriate.