Morning Report

The consecutive bearish candlesticks on the secondary image of the daily studies is another bearish indication that proves the authenticity of our captured weekly double top pattern of the weekly graph. Now, the mild retrace from 1.5325 was also expected since it represents an important support on the way to the technical target of our classical pattern. Clearing areas between 1.5345 and 1.5320 will ease the path towards 1.5180 and will add more negative pressure over upcoming period.

The trading range for today is among key support at 1.5075 and key resistance at 1.5720.

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

Support1.53351.52551.52301.51801.5075
Resistance1.54551.55151.55451.56301.5690
RecommendationBased on the charts and explanations above our opinion is, selling the pair around 1.5440 targeting 1.5180 and stop loss above 1.5620 might be appropriate.