Morning Report

One more negative daily closing for the pair accompanied with testing the latest critical low and support level at 1.5420, after breaching the important support level around 1.5575-1.5600 the downside pressure accelerated and a breach below this aforementioned low may confirm further bearishness initially toward1.5300 areas. We continue toanticipate bearishness todayand in the near term so long as trading remains steady below 1.5600.

The trading range for today is among key support at 1.5270 and key resistance at 1.5600.

The general trend over short term basis is to thedownsidetargeting1.4225as far as areas of1.6875areas remain intact.

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Harmonic short term outlook

Support1.54201.53751.53251.52751.5240
Resistance1.54601.55001.55351.55751.5620
RecommendationBased on the charts and explanations above our opinion is, selling the pair around 1.5530 targeting 1.5420 and 1.5275, stop loss above 1.5750 might be appropriate.