Morning Report

It is all about the daily closing, as we can see that the pair couldn't achieve a daily closing above the pivotal resistance of 1.5780 - B point of the bigger duplicated harmonic structure for the second consecutive day after testing SMA 100 -colored in green-. Although, we are tend to suggest a bearish direction due to the bearish harmonic AB=CD pattern on the four-hour graph, but we will continue staying aside over intraday basis as we need to witness a confirmed breakout below 1.5555-1.5540 to make sure that the incline from 1.5270 zones should be classified as a retesting action for the previous broken B point.

The trading range for today is among key support at 1.5445 and key resistance at 1.5935.

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

Support1.56901.56301.55551.55151.5445
Resistance1.57801.58201.58801.59351.6000
RecommendationBased on the charts and explanations above our opinion is, staying aside until we see how the pair will behave around the pivotal resistance areas of our suggested pattern.