Morning Report

Yesterday's dark cloud cover pattern appearing on the secondary image of the daily interval is another technical catalyst that could send the pair lower over intraday basis. All what we need is to witness a sustained breakout below the pivotal support of 1.5555-1.5540 to make sure that the downside rally of forming the CD leg for our caught duplicated pattern-Bat and Crab- will continue over the upcoming sessions. Only a breakout above 1.5780 will give us reasons for concern.

The trading range for today is among key support at 1.5270 and key resistance at 1.5820.

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 with a breakout below 1.5540 targeting 1.5270 and stop loss above 1.5780 might be appropriate.