Morning Report

The cable continues moving within the descending channel, shown in the chart above, presently nearing support for this channel inline with positive signs appearing through momentum indicators; forcing the pair to attempt a minor bullish correction before resuming the bearish short term direction. From here, we see that the expected direction for today is bearish that might build a base on minor support 1.5795 and head towards 1.5600 - 1.5585. Keep in mind the importance of trading remaining below 1.5850 to insure achieving the expected intraday descend. Signs are showing strong support at 1.5700; where breaching it will speed up the expected descend for the pair.

The trading range for today is among the key support at 1.5500 and the key resistance at 1.6075.

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

Weekly Report Previous Report

RecommendationBased on the charts and explanations above our opinion is selling the pair from 1.5795 targeting 1.5700 and stop loss above 1.5890, might be appropriate.