Morning Report

The pair managed to achieve yesterday's suggested scenario after touching 1.5225, however, the achieved ascend did not surpass resistance for the ascending channel shown above between 1.5305 - 1.5315. This points to natural trading within this channel that is expected to control the pair's movements over an intraday basis. From here, we expect a bearish trend for today that mainly targets retesting 1.5175 - the previous broken neckline - then 1.5070. Keep in mind that if the pair remains above 1.5310 it will weaken chances of achieving these expectations.

The trading range for today is among the key support at 1.5070 and the key resistance at 1.5380.

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

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RecommendationBased on the charts and explanations above our opinion is selling the pair with the breach of 1.5225 targeting 1.5130 and stop loss above 1.5310, might be appropriate.