Morning Report

The pair is fluctuating near the retesting level for the brokensupport that is currently around 1.5040, while keeping in mind the loss of bullish momentum for the pair. These factors make us expect a bearish direction for today as it builds a base on 1.5040 and heads towards 1.4925 then 1.4850. Keep in mind that the breach of 1.5150 will pave the way for a rebound in the short term direction to the upside.

The trading range for today is among the key support at 1.4850 and the key resistance at 1.5105.

The short term 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 from 1.5040 targeting 1.4925 and stop the four hour loss above 1.5110, might be appropriate.