Morning Report

The pair returned to trade near the descending channel's resistance level that has declined to 1.5625, while stochastic returned to overbought areas and thereby making us witness chances of achieving an expected bearish intraday direction close to targeting levels 1.5345 - 1.5315 initially. Note that breaching 1.5625 holds the keys to causing a rebound.

The trading range for today is among the key support at 1.5315 and the key resistance at 1.5640.

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 1.5625 targeting 1.5400 and stop loss above 1.5775, might be appropriate.