Morning Report

The resistance level at 1.5080 -previously breached support- stood against the pair's upside attempts yesterday and trading stabilized around 1.5025. The strong resistance and negativity on Stochastic support our expectations foran intraday downside movetargeting areas starting from 1.4945 then farther at 1.4870. Note that breaching 1.5080 and stabilizing above it revitalizes the general upside move expected for this week.

The trading range for today is among the major support at 1.4870 and the major resistance at 1.5145.

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

Previous Report

Weekly ReportSupport1.50151.49451.48701.48001.4770Resistance1.50801.51451.52101.52401.5270RecommendationBased on the charts and explanations above our opinion is selling the pair around 1.5080 targeting 1.4945 and stop loss above 1.5145 might be appropriate