Morning Report

The pair hit into 23.6% Fibonacci correction (at 1.4540), which impedes achieving more upside movement despite of oversold signs appearing on momentum indicators. These factors make us see that a bearish trend is expected over an intraday basis; targeting first reaching key support 1.4215 while keeping in mind the importance of building a base below 1.4540 to achieve these expectations.

The trading range for today is among the key support at 1.4215 and the key resistance at 1.4540.

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

Previous Report Weekly ReportSupport1.44051.43401.42501.41951.4125Resistance1.44501.44701.45401.46001.4650RecommendationBased on the charts and explanations above our opinion is selling the pair from 1.4540 targeting 1.4470 and stop loss above 1.4600, might be appropriate.