Morning Report

Despite of the pair moving within a bullish direction, signs of 1.5630 remaining intact are clearly appearing, where the harmonic bearish pattern has taken an AB=CD formation that has been completed; therefore, insuring a bearish correction towards the suggested targets for this pattern, which are at 38.2% Fibonacci and 61.8% from the CD leg. This means that the pair is targeting 1.5460 and 1.5330. From here, the bearish trend is a correction that may affect the pair's trading today before returning within the bullish overall direction later. Keep in mind that these expectations require stability below 1.5725for the four-hour closing.

The trading range for today is among the key support at 1.5460 and the key resistance at 1.5805.

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

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Weekly Report

Support1.56101.55801.55401.54951.5460Resistance1.56701.57001.57451.57851.5805RecommendationBased on the charts and explanations above our opinion is selling the pair around 1.5630 targeting 1.5460 and stop loss above 1.5725, might be appropriate.