Morning Report

The subsidiary image of the four-hour interval shows how the pair succeeded in breaching the support line which carries the correctional movements from the significant low by 1.5330 zones. We still classify the current correction as a reaction for the oversold sign appearing on Stochastic over daily studies, while these daily studies offer a mixture of harmonic possibilities for drawing a Crab pattern from X2 point and a Bat pattern from X1 due to the Fibonacci rhythmic dominating the price actions. Thereby, we hold onto our bearish predictions over intraday basis as far as trading remains below B point. A break of 1.5555 will accelerate the awaited downside move.

The trading range for today is among key support at 1.5330 and key resistance at 1.5880.

The general trend over short term basis is to the downside, targeting 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 below 1.5555 targeting 1.5260 and stop loss above 1.5780 might be appropriate.