Morning Report

The pair fluctuated around main support 1.5430 since yesterday in attempt to insure the breach, but the bullish momentum appearing through the stochastic will add strength to this level. Signs of a bearish pattern are appearing that will negatively pressure the pair. So we expect an overall bearish intraday direction that will start with the breach of mentioned support; targeting 1.5345 then 1.5270. The breach of 1.5555 will return the trading scenario within the descending channel and therefore rebound to the upside.

The trading range for today is among the key support at 1.5270 and the key resistance at 1.5640.

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 selling the pair with the breach of 1.5430 targeting 1.5345 and stop loss above 1.5485, might be appropriate.