Morning Report

Moving to the four-hour chart, we will notice the sharp fluctuation that occurred yesterday after touching our second detected technical support of 1.5630. Now, we can see the possibility of forming a potential head and shoulders top pattern for the correctional upside rally from 1.5270 zones, where we believe that the initial resistance level of 1.5780 before attempting to hit the neckline areas. Vortex is negative despite yesterday's recovery. A break of 1.5690-1.5660 zones will trigger a panic sell-off.

The trading range for today is among key support at 1.5555 and key resistance at 1.6075.

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

Support1.56901.56301.55801.55551.5445
Resistance1.57801.58201.58801.59351.6000
RecommendationBased on the charts and explanations above our opinion is, selling the pair below 1.5690 targeting 1.5440 and stop loss above 1.5850 might be appropriate.