Morning Report

The 50% correction at 1.4520 limited further declines for the pair yesterday to rebound to the upside towards the key resistance for the minor downside channel as seen in the above image at 1.4625. Trading within the channel keeps the intraday and short term trends to the downside which makes us believe the pair is to decline targeting 1.4440 as far as 1.4720 remains intact.

The trading range for today is among the key support at 1.4275 and the key resistance at 1.4845

The general trend is to the upside as far as 1.4135 remains intact with targets at 1.6000

RecommendationBased on the charts and explanations above, our opinion is selling the pair from 1.4625 to 1.4520 and stop loss above 1.4720 might be appropriate.