Morning Report

The pair consolidated at the major resistance level at 1.6255 to start the bearish wave as seen on the chart above. Momentum indicators are providing negative signals which is why we expect further downside movement over intraday basis targeting 1.6075 and requires trading to remain below 1.6255 with four-hour closing.

The trading range for today is among the major support at 1.6000 and the major resistance at 1.6340.

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

RecommendationBased on the charts and explanations above our opinion is selling the pair from 1.6255 targeting 1.6145 and stop loss above 1.6330, might be appropriate