Morning Report

The pair was not able to build a base above the key resistance of1.5180 and has descended once again due to overbought signs appearing on the four-hour interval. We expect the paircould touch 1.5080 that represents the meeting point between 38.2% Fibonacci for the last bullish wave with SMA 50, followed by resuming the expected bullish intraday trend as targets start with attacking the key resistance that is currently descending to 1.5170, and then heads towards 1.5300. At the same time, keep in mind that the breach of 1.5080 will activate the bearish technical pattern which will lead to a direct bearish movetowards 1.5000 - 1.4955 areas.

The trading range for today is among the key support at 1.5000 and the key resistance at 1.5300.

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

Previous Report Weekly ReportSupport1.50801.50001.49551.48701.4850Resistance1.51701.52051.52301.52701.5300RecommendationBased on the charts and explanations above our opinion is buying the pair around 1.5080 targeting 1.5230 and stop loss below 1.5000, might be appropriate.