Morning Report

The Fibonacci correctional level of 76.4% has stood as a strong barrier in front of the pair's bullish movement, thereby forcing the pair to sharply descend below 1.4770. The pair is currently at support for the bullish intraday channel that is supported by SMA 50, but in return signs of a bearish technical pattern need some minor upside movement to complete it. The suggested neckline for this pattern is at 1.4675, where we think the pair will achieve a breach of this level due to the negative trend's effect momentum indicators are taking. Thus, we expect a bearish intraday direction that will initially breach the mentioned neckline and chiefly head towards 1.4540. It is vital to remain above 1.4770 once again and return chances of resuming the previous bullish short term direction.

The trading range for today is among the key support at 1.4540 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 Report

Support1.46751.46351.45751.45351.4500Resistance1.47701.48501.49301.49601.5000RecommendationBased on the charts and explanations above our opinion is selling the pair with the breach of 1.4675 targeting 1.4535 and stop loss above 1.4635, might be appropriate.