Morning Report

The pair continues hovering around SMA 50 after achieving a daily closing below it and below 1.3200 zones as seen on the provided daily graph. The previously anticipated negative sign on Stochastic became clearer and it may send the pair lower over intraday basis. A break below 1.3155-38.2% Fibonacci- will accelerate and confirm the awaited downside wave.

The trading range for today is among key support at 1.3005 and key resistance at 1.3385.

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 1.3325 might be appropriate.