Morning Report

The pair managed to achieve a clear breach of support for the ascending channel shown above, while signs of a bearish technical pattern are near formation. The bullish momentum appearingonStochastic and RSI could push the pair to slightly correct bullishly before continuing its bearish intraday trend. The breach of 1.5345 returns the bullish direction's pace once again.

The trading range for today is among the key support at 1.5160 and the key resistance at 1.5395.

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

Previous Report Weekly ReportSupport1.52551.51601.51251.50751.4990Resistance1.52901.53451.53951.54351.5475RecommendationBased on the charts and explanations above our opinion is selling the pair from 1.5345 targeting 1.5245 and stop loss above 1.5435, might be appropriate.