Morning Report

The pair has mildly moved upwards where SMA 50 continued covering the movements as seen on the provided daily chart. Despite yesterday's thin trading but Stochastic has fixed its clear bearish signal which we depended on in our previous report. Henceforth, we prefer staying aside due to the contrarian between momentum and trend indicators; noting that a break below 1.5590 will confirm the weekly bearish predictions. Additionally, we should be aware of sudden and fast movements during intraday trading during this period as liquidity is very low.

The trading range for today is among key support at 1.5460 and key resistance at 1.5780.

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

Support1.56301.55851.55551.55151.5460
Resistance1.56801.57201.57501.57801.5820
RecommendationBased on the charts and explanations above our opinion is, staying aside today until an actionable setup presents itself to pinpoint the intraday direction.