Morning Report

Respecting yesterday's expected positive scenario, the pair has mildly bounced towards 1.6050 zones after touching the first potential reversal zones of the harmonic butterfly pattern. Now, it came back below the psychological level of 1.6000 once more struggling around our detected D1; thus, we believe that it is on its way to achieve more bearishness over intraday basis, mainly targeting D2 at 1.5780 zones where Fibonacci projection of 161.8% of XA leg exists. Stochastic may cause some kind of fluctuation, but MACD traditional is definitely negative. Note that any intraday upside rally should be capped at 1.6170-1.6190 zones to keep our suggested bearish scenario valid.

The trading range for today is among key support at 1.5645 and key resistance at 1.6250.

The general trend over short term basis is to the downsidetargeting 1.4225 as far as areas of 1.6875 areas remain intact.

Previous Report

Weekly Report

Support1.58751.58201.57801.56901.5645
Resistance1.60251.60751.61051.61901.6250
RecommendationBased on the charts and explanations above our opinion is, selling the pair around 1.6000 targeting 1.5780 and stop loss above 1.6170 might be appropriate.