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Morning Report
The pair stabilized within the bearish channel below SMA 50, with the current minor support level at 1.5345 impeding attempts to continue the bearish trend. Momentum indicators are showing positivity, which could cause some fluctuation around current levels. In overall, we expect a bearish intraday direction that will initially start by breaching the mentioned support level to head towards 1.5180. It is vital that a base is built below 1.5460 to resume these expectations.
The trading range for today is among the key support at 1.5180 and the key resistance at 1.5460.
The short term trend is to the downside as far as 1.6070 remains intact with targets at 1.3800.
Previous Report
Weekly Report
| Support | 1.5345 | 1.5295 | 1.5230 | 1.5180 | 1.5125 |
| Resistance | 1.5415 | 1.5460 | 1.5500 | 1.5555 | 1.5585 |
| Recommendation | Based on the charts and explanations above our opinion is selling the pair with the breach of 1.5345 targeting 1.5180 and stop loss above 1.5460, might be appropriate. | ||||
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