Morning Report

The steep declined which started yesterday ended at one of the most sensitive areas over intraday and short term basis among 1.5525-10 as breaching those areas can extend the bearishness towards 1.5265. The intraday bearish channel is still controlling the pair and pressuring it further to the downside yet the positive momentum from the pair might increase the volatility. Due to the sensitivity of those areas, we recommend observing the pair closely around the levels mentioned.

The trading range for today is among the major support at 1.5385 and the major resistance at 1.5810.

The short term trend is to the upside with steady daily closing above 1.5315 with targets at 1.7000.

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RecommendationBased on the charts and explanations above our opinion is observing trading around the levels mentioned for more confirmations for the coming trend