Morning Report

The pair moved inline with our expectations yet facing the resistance of 61.8% correction in the second attempt seen on the chart above. This resistance is supported by negative momentum which is why we expect an intraday downside move targeting initially 1.4635 then 1.4570 and requires four-hour closing below 1.4730.

The trading range for today is among the major support at 1.4540 and the major resistance at 1.4855.

The short term trend is to the downside as far as 1.5590 is intact with targets at 1.3800.Support1.46801.46351.46051.45701.4540Resistance1.47301.47951.48551.49301.4960RecommendationBased on the charts and explanations above our opinion is selling the pair around 1.4730 targeting 1.4635 and stop loss above 1.4795 might be appropriate