Morning Report

Yesterday's negative closing below SMA 20 and below 23.6% Fibonacci retracement of the entire downside rally from 1.6615 to 1.2570 is seen as a new technical catalyst that argues us to suggest more bearishness over intraday basis. In the interim, we still see chances for achieving more fluctuation due to the positivity appearing on Stochastic. A break of 1.5420 will accelerate declines; whilst a daily closing above SMA 50 at 1.5730 will give us a reason for concern.

The trading range for today is among key support at 1.5270 and key resistance at 1.5720.

The general trend over short term basis is to the downside, targeting 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 around 1.5555 targeting 1.5270 and stop loss above 1.5730 might be appropriate.