Morning Report

The pair is trading flawlessly within the downside correction channel shown yesterday, especially after achieving stability for the main retesting level at 1.1480. Touching support for the current channel is accompanied by positive signs that appear through momentum indicators that point to some minor bullish correction for now, but in overall we think that the direction is bearish over an intraday basis and the path will be opened if the pair succeeds in breaching 1.1280 - support for the downside channel -.The awaited targets will start at 1.1185 then 1.1115, where it requires stability below 1.1405 to prevail.

The trading range for today is among the key support at 1.1115 and the key resistance at 1.1405.

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

Previous Report Weekly Report

Support1.12801.12451.11851.11151.1070Resistance1.13651.14051.14801.15451.1605RecommendationBased on the charts and explanations above our opinion is selling the pair around 1.1365 targeting 1.1185 and stop loss above 1.1480, might be appropriate.