Morning Report

After the rapid decline witnessed last Friday, the pair continued to slump today once again as the 1.6205 will mark as a pivot point for today's trading. Trading is now below the 38.2% correction for the upside wave, which suggests further declines on the intraday basis. Momentum indicators are showing the pair as being oversold, which may result in high volatility that may form a bearish technical pattern. The decline remains as far as 1.6360 is intact on the intraday basis and the 23.6% correction at 1.6460 on the short term.

The trading range for today is among the key support at 1.5860 and the key resistance at 1.6720

The general trend is to the upside as far as 1.4840 remains intact with targets at 1.7100

RecommendationBased on the charts and explanations above, our opinion is selling the pair from 1.6290 to 1.6080 and stop loss above 1.6360 might be appropriate.