Morning Report

The pair closely neared the awaited key target around 1.5500, since it is showing signs of a bearish reversal correction for the last bullish wave, in an attempt to rid of the clear negative momentum appearing in the four- hour chart above. In overall, we expect a bullish intraday trend where initial targets are at 1.5580, but keep in mind that a clear breach of 1.5350 could postpone achieving this awaited ascend.

The trading range for today is among the key support at 1.5250 and the key resistance at 1.5700.

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

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Support1.53501.52801.52501.52001.5170Resistance1.54351.54751.55001.55801.5620RecommendationBased on the charts and explanations above our opinion is buying the pair around 1.5350 targeting 1.5500 and stop loss below 1.5250, might be appropriate.