Morning Report

The pair halted its ascend yesterday at 1.5745 - 38.2% Fibonacci correction that turned into resistance - inline with negative signs appearingon Stochastic that might negatively pressure the pair to trade naturally within the descending short term channel, shown in the image above. From here, we expect the overall intraday direction to be bearish; targeting 1.5555 - 1.5525, while keeping in mind that the breach of 1.5745 will pave the way to achieve more bullish correction.

The trading range for today is among the key support at 1.5465 and the key resistance at 1.5845.

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

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RecommendationBased on the charts and explanations above our opinion is to avoid trading awaiting more confirmation signs for the pair’s direction, might be appropriate.