Morning Report

The pair moved strongly upwards within the ascending channel formation shown in the four-hour chart above, naturally trading within this channel to near the resistance level. We expect the pair to head towards achieving the bearish intraday direction; mainly targeting the retest of the strength of 1.4530. Momentum indicators support expectations of a downside move.

The trading range for today is among the key support at 1.4485 and the key resistance at 1.4850.

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

Previous Report Weekly ReportSupport1.46351.45851.45301.44851.4430Resistance1.47001.47301.47801.48101.4850RecommendationBased on the charts and explanations above our opinion is selling the pair from 1.4730 targeting 1.4635 and stop loss above 1.4810, might be appropriate.