Morning Report

The pair continues to trade within the short-term descending channel, where another subsidiary deprecating channel is forming that is keeping the negative pressures on the pair's trading, which is supported by SMA 50 and the negativity onStochastic . A bearish intraday direction is projected today with targets at 1.5295 that if breached would pave the path for additional bearishness to target 1.5160 levels, while noting the importance of stability in trading below 1.5555 in order to achieve the suggested scenario.

The trading range for today is among the major support at 1.5160 and the major resistance at 1.5555.

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

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Weekly Report

RecommendationBased on the charts and explanations above our opinion is selling the pair around of 1.5430 targeting 1.5295 and stop loss above 1.5500 might be appropriate