Morning Report

The pair fell freely after stabilizing below the neckline areas of our caught double top formation of the weekly studies. Our classical pattern has proved its efficiency during this week, taking the pair towards the first short technical objective at 1.5475. Since we previouslydefined 1.5475to bethe first target for the current bearishness, we will talk today about the next targets as we still believe that the bearishness will continue over intraday basis, where 1.5335 becomes under our technical microscope. In fact, the scientific technical targets of the pattern reside below the psychological levels of 1.5000, but the pair should clear 1.5335, followed by 1.5180; whilst another potential harmonic support is seen at 1.5255 -check the harmonic outlook-. The long black candlestick formation of the daily basis supports our bearish overview.

The trading range for today is among key support at 1.5180 and key resistance at 1.5780.

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

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Harmonic Outlook

RecommendationBased on the charts and explanations above our opinion is, selling the pair around 1.5495 targeting 1.5180 and stop loss above 1.5700 might be appropriate.