Morning Report

The pair strongly breached the crucial support at 1.1480 activating the breach pattern mentioned in our previous report. The breached resistance at 1.1420 is standing against the pair's movement to acquire the pattern's targets supported by positive sings on momentum indicators. Therefore, we might witness a retest to the 1.1480 followed by resumption to the intraday downside move expected for today with targets starting from 1.1300 then 1.1250. Note that four-hour closing above 1.1480 fails the suggested bearish patter.

The trading range for today is among the major support at 1.1250 and the major resistance at 1.1550.

The short term trend is to the upside as far as 1.0200 is intact with targets at 1.2295.

Previous Report

Weekly ReportSupport1.14201.13801.13451.13001.1250Resistance1.14801.15401.16251.16851.1735RecommendationBased on the charts and explanations above our opinion is selling the pair around 1.1480 targeting 1.1380 and stop loss above 1.1540, might be appropriate