Morning Report

The pair neared in a major way touching the awaited target from yesterday at 1.4210, where it pushed once again to the upside to face pivotal resistance at 1.4440. Stochastic is showing negative signs that oppose the idea of a bullish technical pattern completion that is currently forming. We think that clear breach of 1.4440 which could carry the pair towards 1.4600 - 1.4640; whereas stability is achievied below 1.4325 adding more negative pressure on the pair and pushing it towards the key support at 1.4200.

The trading range for today is among the key support at 1.4200 and the key resistance at 1.4600.

The general trend is to the downside as far as 1.5590 remains intact with targets at 1.3800.

Previous Report Weekly ReportSupport1.43251.42501.42001.41251.4095Resistance1.44401.45201.46001.46501.4700RecommendationBased on the charts and explanations above our opinion is selling the pair from 1.4325 targeting 1.4200 and stop loss above 1.4440, might be appropriate or buying it with a breakout above 1.4440, targeting 1.4600 with stop loss below 1.4325.