Morning Report

The pair did not have enough positive momentum to support yesterday's suggested scenario; therefore achieving a breach of support for the short term upside channel that has currently turned into resistance at 1.1545. Signs of a bearish technical pattern are appearing, especially after it building a base below the MA 50. We expect a breach of pivotal support at 1.1480, which in its own role will pave the way to achieve the bearish intraday direction; first main target is represented in the retest level 1.1380 - the breached medium term resistance channel in the 14th of May -. The awaited bearish scenario today will remain intact if we do not witness the four hour closing above 1.1545.

The trading range for today is among the key support at 1.1380 and the key resistance at 1.1685.

The short term trend is to the upside as far as 1.0200 remains intact with targets at 1.2000.

Previous Report Weekly ReportSupport1.14801.14001.13801.13451.1300Resistance1.15451.16001.16251.16851.1730RecommendationBased on the charts and explanations above our opinion is selling the pair with the breach of 1.1480 targeting 1.1380 and stop loss above 1.1545, might be appropriate.