Morning Report

Consolidation below the psychological 1.6000 areas and the resistance at 1.6060 supports the bearish bias for the pair. The pair is also trading freely between the 50% and 61.8% correction as shown above after the breakout from the ascending wave and trading within the minor descending channel. Therefore, we expect further intraday bearishness likely for the pair today.

The trading range for today is among the major support at 1.5700 and the major resistance at 1.6210.

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

Previous Report

Weekly Report

Support1.59201.58751.58101.57651.5700
Resistance1.60001.60601.61001.61551.6210
RecommendationBased on the charts and explanations above our opinion is selling the pair around 1.5965 targeting 1.5765 and stop loss with four-hour closing above 1.6060 might be appropriate