Morning Report

The pair continues trading below support for the previously breached bullish channel to stabilize below SMA 50; therefore, the yesterday's suggested scenario will resume. We expect a bearish direction over an intraday basis, although achieving it requires two main factors; first, a clear breach of 1.5530, second is building a base below 1.5600. Technical targets start at 1.5360.

The trading range for today is among the key support at 1.5360 and the key resistance at 1.5710.

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

Previous Report

Weekly Report

RecommendationBased on the charts and explanations above our opinion is selling the pair with the breach of 1.5530 targeting 1.5360 and stop loss above 1.5655, might be appropriate.