Morning

The pair returned to stabilize below 1.5530 and thereby making chances of resuming the bearish trend once again high. Signs of a minor bearish pattern are appearing at 1.5500, which encourages us to expect a bearish intraday trend that requires main factors; first, a clear breach of 1.5500 that paves the way towards level 1.5400 initially, second stabilizing below 1.5620. Keep in mind that trading is reaching 1.5465, where we expect the pair to find strong support there and possibly cause a reversal to trade to the upside, which could change the short term trend to the upside.

The trading range for today is among the key support at 1.5280 and the key resistance at 1.5750.

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

Previous Report

Weekly Report

Support1.55001.54651.54251.53601.5310
Resistance1.55301.56001.56501.57101.5750
RecommendationBased on the charts and explanations above our opinion is selling the pair with the breach of 1.5500 targeting 1.5400 and stop loss above 1.5570, might be appropriate.