The bearish pattern has been activated and warns about it today after breaching 1.5010 and currentlyaffects the pair negatively, where the support level for the bullish short term channel is at 1.4920. The pair is trading below SMA 50 and makes us expect more negative pressure on the pair; thus we expect a bearish intraday trend that will start with the breach of support and heads towards 1.4850 initially. This level is forming a part of the bearish technical pattern scenario that is being formed, shown in the image above. Keep in mind that, momentum indicators are giving off bullish signs, but the bearish direction will remain intact as long as trading is below 1.5010.
The trading range for today is among the key support at 1.4765 and the key resistance at 1.5070.
The short term trend is to the downside as far as 1.5590 remains intact with targets at 1.3800.
Previous Report Weekly Report
Support1.49201.48501.47701.47301.4690Resistance1.50101.50701.51301.51801.5230RecommendationBased on the charts and explanations above our opinion is selling the pair with the breach of 1.4920 targeting 1.4770 and stop loss above 1.5010, might be appropriate.