Morning Report

The price behaviors seen since our previous report were really impressive as the pair collapsed after re-testing the previous broken correctional trend line that carried the movements from the former low around 1.5330. This classical process started to show the ability for forming a potential double top pattern over four-hour interval. Thereby, we hold onto our bearish predications over intraday basis, supported by the double harmonic probability of Crab and Bat patterns and we recommend reviewing the previous report for more details about those harmonic structures. A break of 1.5555 will accelerate the awaited negative descending actions.

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 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 below 1.5555 targeting 1.5260 and stop loss above 1.5780 might be appropriate.