Morning Report

The pair declined as expected yesterday, where it is currently trading between the 38.2% correction at 1.4840 and the 50% correction at 1.4770, with more tendency to the downside. As we see, the pair is within an oversold area yet a bearish crossover is evident on the 20 and 50 MA's, which supports our overview to the downside. The decline won't be easy due to the oversold signs, which may result in high volatility yet at the end the downtrend remains as far as 1.4925 is intact.

The trading range for today is among the key support at 1.4575 and the key resistance at 1.5065

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

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RecommendationBased on the charts and explanations above, our opinion is selling the pair from 1.4840 to 1.4705 and stop loss above 1.4925 might be appropriate.