Morning Report

The pair stabilized below main support (currently at 1.5420), which was able to breach neckline for the bearish technical pattern yesterday at 1.5390. These signs make us expect that there is more bearish intraday movement; where upcoming targets are at 1.5205. Chances of achieving these expectations will prevail if the four-hour closing remains below 1.5420.

The trading range for today is among the key support at 1.5205 and the key resistance at 1.5555.

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 from 1.5390 targeting 1.5280 and stop loss above 1.5475, might be appropriate.