Morning Report

The pair retestedthe keylevels of1.5125 that showed a persistent stance against numerous attempts to descend. Signs of a bearish technical pattern are appearingon the four-hour charts that make us expect an overall bearish direction for today; targeting 1.5125 then 1.5050. These expectations require trading to remain below 1.5300 to prevail.

The trading range for today is among the key support at 1.5050 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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RecommendationBased on the charts and explanations above our opinion is selling the pair from 1.5270 targeting 1.5125 and stop loss above 1.5380, might be appropriate.