Morning Report

The pair breached the critical support at 1.6455 which completed the bearish pattern formation mentioned before. Therefore,we expect the pair to continue the intraday bearishness todaytargeting 76.4% Fibonacci correction at 1.6300 and then 1.6200 if the correction level was breached. We might witness some fluctuation and volatility to retest the breached neckline due to the positivity on momentum indicators, while breaching 1.6455 will fail the suggested downside move.

The trading range for today is among the major support at 1.6200 and the major resistance at 1.6575.

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

Previous Report

Weekly Report

RecommendationBased on the charts and explanations above our opinion is selling the pair around 1.6455 targeting 1.6300 and stop loss above 1.6550 might be appropriate