Morning Report

The pair is trading sideways amid general calm trading. The downside trend movement continues to control the pair as it nears the resistance level for the descending channel accompanied with overbought signals on momentum indicators. Those factors support our expectations for an intraday downside move targeting 1.4215 and require 1.4470 to remain intact.

The trading range for today is among the key support at 1.4715 and the key resistance at 1.4570.

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 1.4395 to 1.4300 and stop loss above 1.4470 might be appropriate