Morning Report

The price gap mentioned yesterday has been covered , where signs of a bearish technical pattern are appearing and its neckline is around 1.5180. This pattern makes us expect a bearish direction over intraday basis that may face strong support around 1.5125 before reaching the full awaited target at 1.5060. Momentum indicators are neutral and we can witness some fluctuation before taking the expected bearish track that will remain intact if we do not witness a four hour closing above 1.5300.

The trading range for today is among the key support at 1.5060 and the key resistance at 1.5380.

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

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Weekly Report

RecommendationBased on the charts and explanations above our opinion is selling the pair with the breach of 1.5180 targeting 1.5060 and stop loss above 1.5270, might be appropriate.