Morning Report

The pair continued fluctuating around the neckline suggested for the potential head and shoulders top pattern due to the oversold signal appearing on RSI 14. At the same time, Vortex-trend indicator- continued giving off a strong bearish sign which may assist the pair to clear the former support around 1.5905. Over daily basis, Stochastic didn't change its bearish sign; thus, we keep our bearish predictions intact over intraday basis. A sustained break below 1.5905 will accelerate but areas of 1.6165 should protect the classical probability.

The trading range for today is among key support at 1.5630 and key resistance at 1.6165.

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 around 1.5960 targeting 1.5635 and stop loss above 1.6165 might be appropriate.