Morning Report

The pair achieved the bearish technical scenario shown in our midday report yesterday touching 1.5330 and ascending to compensate for some losses. Some signs of a bearish technical pattern where its necklineresides at 1.5330. This makes us expect more negative pressure for today that targets the breach of mentioned support then pave the way for reaching 1.5255 then 1.5190. This expected bearish direction will prevail if 1.5430 remains intact.

The trading range for today is among the key support at 1.5190 and the key resistance at 1.5475.

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

Previous Report Weekly ReportSupport1.53301.52801.52551.51901.5125Resistance1.53801.54301.54751.55001.5555RecommendationBased on the charts and explanations above our opinion is selling the pair with the breach of 1.5330 targeting 1.5190 and stop loss above 1.5430, might be appropriate.