Morning Report

The secondary four-hour graph shows how the pair has been trapped within a tight range since our last report was published; whilst the candlesticks structure indicates that the pair is gradually losing the upside correctional steam. Thereby, we hold onto our bearish predications over intraday basis, supported by the classical negativity appearing on the weekly studies where the double top is still in progress. A break of 1.5630 will trigger a panic sell-off over the upcoming period while the bearishness will be delayed with a break above 1.5935 zones.

The trading range for today is among key support at 1.5475 and key resistance at 1.5935.

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

RecommendationBased on the charts and explanations above our opinion is, selling the pair around 1.5755 targeting 1.5475 and stop loss above 1.5935 might be appropriate.