Morning Report

The pair continued yesterday's negative pressure and stabilized around the MA 50 with a slant to the downside of pivotal support 1.5510. The ongoing bearish pressure makes us expect more bearish movement over an intraday basis, although this descend requires the breach of minor support at 1.5455, we may witness ongoing fluctuation around current levels looking at positive momentum appearing on the four hour chart. Keep in mind that breaching 1.5570 will help it revisit the descending channel's resistance level which has declined to 1.5665.

The trading range for today is among the key support at 1.5345 and the key resistance at 1.5665.

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 with the breach of 1.5455 targeting 1.5345 and stop loss above 1.5510, might be appropriate.