Morning Report

The pair continues fluctuating around the previously breached support level that has currently turned into resistance and is ascending towards 1.5540. Yesterday's closing was below this level and will maintain the suggested scenario yesterday; therefore, we expect a bearish intraday trend targeting 1.5425 then 1.5315, while keeping in mind the importance of trading building a base below 1.5540 in order for chances of resuming these expectations may continue.

The trading range for today is among the key support at 1.5315 and the key resistance at 1.5650.

The short term trend is to the upside as far as 1.5315 remains intact with targets at 1.7000.

Previous Report

Weekly Report

RecommendationBased on the charts and explanations above our opinion is selling the pair around 1.5540 targeting 1.5390 and stop loss above 1.5650, might be appropriate.