Morning Report

Respecting yesterday's proposed classical scenario over four-hour time scale flawlessly, the pair declined from 1.6050 zones where the right shoulder of the classical head and shoulders top pattern was completed. Now, the pair is calmly clearing the neckline areas of the pattern as seen on the secondary image; thus, the bearishness is still favored over intraday basis. Breaching 1.5905 will accelerate the move targeting 1.5630 zones and we recommend reviewing the weekly report for more details about the bigger harmonic daily pattern.

The trading range for today is among key support at 1.5630 and key resistance at 1.6150.

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

RecommendationBased on the charts and explanations above our opinion is, selling the pair around 1.5935 targeting 1.5630 and stop loss above 1.6150 might be appropriate.