Morning Report

The pair succeeded in achieving yesterday's midday scenario after breaching pivotal support 1.5530, in addition to breaching support for the bearish channel that controls trading since support for the previous bullish short term direction that had been breached. Some fluctuation is possible with some minor bullish correction expected, but in overall we expect more bearish intraday movement that targets 1.5360 then towards 1.5185. Keep in mind the resuming these expectations require the daily closing below 1.5530.

The trading range for today is among the key support at 1.5235 and the key resistance at 1.5600.

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 around 1.5475 targeting 1.5360 and stop loss above 1.5540, might be appropriate.