The pair was not able stabilize above 1.5100 to return to test the pivotal support at 1.5010, while gradually unloading the negative momentum seen over four-hour basis. We expect a base to be built once again on the mentioned support level, followed by resumption to the expected bullish intraday trendtargeting mainly the resistance for the bearish direction at 1.5230. Keep in mind that breaching 1.5010 will activate the bearish technical pattern and reverse the direction to the downside.
The trading range for today is among the key support at 1.4900 and the key resistance at 1.5230.
The short term trend is to the downside as far as 1.5590 remains intact with targets at 1.3800.
Previous Report Weekly Report
Support1.50101.49601.49001.48601.4770Resistance1.51301.51801.52301.52651.5310RecommendationBased on the charts and explanations above our opinion is buying the pair around 1.5010 targeting 1.5180 and stop loss below 1.4900, might be appropriate.