Morning Report

After achieving the suggested bullish direction's target in our reports yesterday, we see that the pair has started losing bullish momentum, which seems to appear as a bearish trend onStochastic. Any trading below 1.5275, shown above as main resistance for the descending channel, will maintain the bearish direction intact; whereas one of the wave's scenarios suggests an impulsive wave scenario - which we approved due to its lesser targets until it stabilizes its extending targets -, which will insure that the pair will enter at any minute the fifth bearish wave. From here, we expect that the bearish direction could effect the pair's trading today. Meanwhile, stabilizing below the MA 20 will insure our expectations.

The trading range for today is among the key support at 1.4860 and the key resistance at 1.5275.

The short term 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 from 1.5100 targeting 1.4795 and stop the four hour loss above 1.5275, might be appropriate.