Morning Report

The pair managed to achieve the suggested scenario in our midday report yesterday and returned to try and attempt to achieve it once again, where it gradually neared pivotal resistance 1.4540 forming the right shoulder of the suggested bearish technical pattern shown above. We recommend a bearish trend for today, supported by the stochastic targeting 1.4395 then 1.4335 that requires the four-hour closing below 1.4595 to remain intact.

The trading range for today is among the key support at 1.4335 and the key resistance at 1.4595.

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

Previous Report Weekly Report

Support1.44551.44201.43951.43351.4265Resistance1.44951.45401.45951.46801.4770RecommendationBased on the charts and explanations above our opinion is selling the pair around1.4540 targeting 1.4420 and stop loss above 1.4610, might be appropriate.