Morning Report

The pair successfully reached 61.8% Fibonacci, which is the awaited main target, at 1.5880 noticing the continued negative pressure affecting the pair, while momentum indicators show oversold signs which could pressure the pair to rebound to the upside. The MA 50 is forcing negative pressures on the pair, which may extend the intraday downside trend for today targeting 1.5675. We should pay attention that breaching 1.5935 could weaken the proposed decline and may indicate a possible upside reversal.

The trading range for today is among the major support at 1.5675 and the major resistance at 1.5995.

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

Weekly Report

Previous report

RecommendationBased on the charts and explanations above our opinion is selling the pair around 1.5880 targeting 1.5675 and stop loss above 1.5995 might be appropriate