Morning Report

The cable stabilized bearish below the support level for the main descending channel, alongside horizontal support 1.5920 after stopping the MA 50, where the pair is attempting to ascend. The daily close is below the horizontal support, which paves the way to resume the bearish direction after a bullish correction halted between 38.2% and 50% levels. From here we see that the expected direction for today is bearish; targeting mainly 1.5700. It is important that 1.5980 remains intact in the four hour close to achieve the expected bearish direction.

The trading range for today is among the key support at 1.5700 and the key resistance at 1.6045.

The general trend is to the upside as far as 1.4840 remains intact with targets at 1.7200.

RecommendationBased on the charts and explanations above our opinion is sending the pair from 1.5920 targeting 1.5805 and stop loss above 1.6000, might be appropriate.