Morning Report

The pair was not able to stabilize above pivotal resistance 1.4530 so the retest level for the previously breached rising wedge shown above. The stochastic is pointing to the loss of bullish momentum for the pair on the four-hour chart, thus encouraging us to expect a bearish intraday direction; targeting first pivotal support 1.4390. MA 100 - currently at 1.4585 - will protect the current bearish wave, where building a base above it will make the expected bearish trend scenario fail.

The trading range for today is among the key support at 1.4340 and the key resistance at 1.4585.

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

Previous Report Weekly ReportSupport1.44701.44301.43901.43401.4265Resistance1.45301.45851.46051.46551.4700RecommendationBased on the charts and explanations above our opinion is selling the pair from 1.4530 targeting 1.4390 and stop loss above 1.4605, might be appropriate.