Morning Report

The pair recorded its bullish movement yesterday for the right shoulder top from the bearish technical pattern shown in the image above, where the suggested neckline is at 1.4265. Momentum indicator have started to insure negative signs that point to the strength of chances to resume the pair's bearish intraday trend that targets first the possible neckline then attempting to breach, which will pave the way towards 1.4150 initially. The expected bearish pattern scenario will remain intact if we do not witness a breach of 1.4460.

The trading range for today is among the key support at 1.4150 and the key resistance at 1.4460.

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

Previous Report Weekly ReportSupport1.43301.42651.42301.41501.4095Resistance1.43901.44601.45301.46001.4640RecommendationBased on the charts and explanations above our opinion is selling the pair with the breach of 1.4330 targeting 1.4150 and stop loss above 1.4460, might be appropriate.