Morning Report

The pair has slightly bounced from the initial support areas of 1.5330 which protected it from achieving more collapse as seen on the provided graph. What does 1.5330 represent? This level represent a classical support as seen on the secondary four-hour chart in addition to that, it represents the full correctional level of X2-A leg for the potential Crab pattern; thus, the aforesaid mild recovery yesterday is seen as a normal price behavior for touching this sensitive level. The bigger bearish picture of the duplicated harmonic structure Bat and Crab forces us to keep our bearish predications intact over intraday basis; whilst B point represents the protection for this outlook.Maintaining levels below 1.5390 will weaken 1.5330 and will open the door towards the short term target at 1.5180.

The trading range for today is among key support at 1.5180 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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Weekly Report

RecommendationBased on the charts and explanations above our opinion is, selling the pair around 1.5495 targeting 1.5180 and stop loss above 1.5690 might be appropriate.