Morning Report

The decline that has beenwitnessed yesterday was from main resistance level for the descending channel, shown in the image above, at 1.5210. Meanwhile, we presently see the stochastic is showing extreme oversold signs, with bearish technical patterns appearing on the hourly chart, where the side image clears up and therefore we see mixed signs between oversold signs and classically negative signs. From here, we will insure the breach of 1.5020 to the downside and the breach of 1.5210 to the upside.

The trading range for today is among the key support at 1.4850 and the key resistance at 1.5210.

The general trend is to the upside as far as 1.4850 remains intact with targets at 1.7000.

Previous Report Weekly Report

RecommendationBased on the charts and explanations above our opinion is selling the pair with the breach of 1.5020 targeting 1.4900 and stop loss above 1.5090, might be appropriate.