Morning Report

The pair headed to the downside sharply yesterday after retesting pivotal support around 1.5830 appearing in the image above, where the bearish technical pattern has been completed after breaching the neckline at 1.5710. The stochastic is showing overbought signs, thus making us expect a bearish intraday trend that targets levels 1.5510 chiefly, requiring stability below 1.5815 to prevail.

The trading range for today is among the key support at 1.5510 and the key resistance at 1.5815.

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

Previous Report

Weekly Report

Support1.56651.56001.55401.55101.5465
Resistance1.57101.57851.58151.58651.5930
RecommendationBased on the charts and explanations above our opinion is selling the pair around 1.5710 targeting 1.5510 and stop loss above 1.5815, might be appropriate.