Morning Report

The pair attempted a bullish correction yesterday as it returned to the negative pressure on pivotal support levels that are at 1.4810.Stochastic isapproaching overbought areas and therefore we see that the pair is on its way to achieve more bearish intraday direction that first requires the breach of 1.4810 and then pave the way towards targeting 1.4650 initially. The daily close is below 1.4960 and will maintain the bearish intraday direction intact.

The trading range for today is among the key support at 1.4530 and the key resistance at 1.4960.

The short term trend is to thedownside as far as 1.5590 remains intact with targets at 1.4000.

Previous Report Weekly ReportSupport1.48501.48101.47551.46901.4650Resistance1.49001.49301.49601.50351.5075RecommendationBased on the charts and explanations above our opinion is selling the pair from 1.4810 targeting 1.4650 and stop loss above 1.4930, might be appropriate.