Morning Report

The neckline of the suggested head and shoulders top pattern of the four-hour interval pushed the pair higher once more as seen on the provided chart. This incline has brought back the idea of forming Bulkowski'scomplex head and shoulders top pattern where the right shoulder is still in progress. This technical concept will not be damaged as far as the top of 1.6165 remains intact, while a break of 1.5960 will assist the pair to beat the neckline this time. Vortex -trend indicator- may cause some kind of fluctuation, but the bearishness is still favored supported by the breakout below the trend line carried the movements from the significant low around 1.5270 to the aforesaid peak.

The trading range for today is among key support at 1.5720 and key resistance at 1.6380.

The general trend over short term basis is to the downsidetargeting 1.4225 as far as areas of 1.6875 areas remain intact.

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Weekly Report

RecommendationBased on the charts and explanations above our opinion is, selling the pair below 1.5960 targeting 1.5630 and stop loss above 1.6180 might be appropriate.