Morning Report

The pair achieved yesterday's suggested scenario flawlessly touching 1.5475, where it reversed to the downside closely nearing the first awaited target at 1.5360. Momentum indicators are showing negative signs that make us expect trading to stabilize below support for the previously breached bearish channel. Therefore, we see that the expected direction is a bearish over an intraday basis; targeting 1.5235 chiefly and requiring the daily closing below 1.5530 to prevail.

The trading range for today is among the key support at 1.5235 and the key resistance at 1.5530.

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 1.5445 targeting 1.5360 and stop loss above 1.5590, might be appropriate.