Morning Report

The pair continued its negative pressure yesterday to breach the bullish short term channel to stabilize below resistance for the initial ascending channel, shown in the dotted line in the image above. The negative pressure is causing pivotal support to be breached at 1.5830; thus making us expect a bearish direction today that targets 1.5665 mainly, where chances of achieving them remain intact if we do not witness a breach of 1.5945.

The trading range for today is among the key support at 1.5665 and the key resistance at 1.5945.

The short term trend is to the downside as far as 1.6070 remains intact with targets at 1.3800.

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Weekly Report

RecommendationBased on the charts and explanations above our opinion is selling the pair around 1.5830 targeting 1.5665 and stop loss above 1.5930, might be appropriate.