Morning Report

The pair found support around 1.5435 halting the bearish trend that the pair has started yesterday, alongside the positive momentum offered by stochastic. Stability below 38.2% Fibonacci in order to ascend from 1.4229 to 1.6297, reinforcing chances of continuing yesterday's suggested scenario; therefore, we expect a bearish intraday direction requiring trading to build a base below 1.5540 to prevail. The expected targets chiefly start around 1.5315.

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.

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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.