Morning Report

The strong downside move seen yesterday breached in the intraday ascending channel's support and the critical areas of 1.4560. The latter represented the neckline for a bearish pattern and accordingly stability below it confirms the completion of the pattern. We expect further intraday downside movement affected by the pattern that might extend the downside correction for the upside move from 1.2870 to the recent top around 1.4940. Breaching areas of 1.4560 and consolidating above them will delay the expected downside move and drive the pair higher in an attempt to return to the upside wave.

The trading range for today is among the major support at 1.4300 and the major resistance at 1.4640.

The short-term trend is to the upside with steady daily closing above 1.2795 targeting 1.5135.

Previous Report

Weekly Report

RecommendationBased on the charts and explanations above our opinion is selling the pair around 1.4560 targeting 1.4425 and stop loss above 1.4640 might be appropriate