Morning Report

The bullish trend stopped at 1.5965 since this level is the 61.8% correction level for the bearish direction, which has started from 1.7041 and ended at 1.4229. The bearish reversal that occurred could target retesting the key support level for the bullish channel, where the bearish candlestick formation that formed belowSMA 20 and 50 supported by the possibility of more bearish movement today. We will not rule out the major fluctuation due to momentum indicators, but as seen MACD entered negativity insuring our expectations.

The trading range for today is among the key support at 1.5500 and the key resistance at 1.6045.

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

RecommendationBased on the charts and explanations above our opinion is selling the pair around 1.5865 targeting 1.5540 and stop loss above 1.5965, might be appropriate.