Morning Report

The strong stance from resistance 1.5810 retesting,mentioned in yesterday's report hasforced the pair to return to the previously breached sideway range, appearing in the image above. Note that ,that effect of the bearish pattern is on its way to negatively repressure its primary targets and attack 1.5555; paving a way to head towards 1.5470. These expectations require 1.5810 to remain intact.

The trading range for today is among the key support at 1.5470 and the key resistance at 1.5810.

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

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More Technical Analysis

RecommendationBased on the charts and explanations above our opinion is selling the pair with the breach of 1.5640 targeting 1.5555 and stop loss above 1.5715, might be appropriate.