Morning Report

One of the most important levels which we highlighted several times before in our reports was 1.5255to beone of the downside targets, and we can see on the secondary image of the four-hour timescale how the pair retraced from 1.5269 -yesterday's recorded low- . We classify this rebound as a correction for the previous expected violent bearishness that occurred during this week. Since the longer time frames always beat the shorter ones, we look forward to witness one more technical attempt to clear 1.5330 zone decisively due to our harmonic scenario of forming the CD leg of the duplicated harmonic formation. Stability below 1.5675-1.5720 is required to protect the anticipatedintraday bearish direction, while 1.5780 acts as a ceiling for the short term bearish wave.

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 downside, targeting 1.4225 as far as areas of 1.6875 areas remain intact.

Previous Report

Weekly Report

Support1.53901.53301.52701.51801.5145
Resistance1.55001.55551.56301.56901.5720
RecommendationBased on the charts and explanations above our opinion is, selling the pair around 1.5490 targeting 1.5180 and stop loss above 1.5670 might be appropriate.