Morning Report

The pivotal resistance areas near 1.5780 which we discussed its importance in our harmonic outlook has proved its solidity sending the pair lower as seen on the provided daily graph. Moreover, SMA 50 has played a big role in assisting the aforementioned resistance to move bearishly. The negativity appearing on the four-hour interval suggests more downside movements over intraday basis, while breaching through 23.6% retracement of the wave from 1.6615 to 1.5270 will confirm our predictions. Of note, areas around 1.5420 could be the soft technical objective followed by retesting the significant trough of 1.5360.

The trading range for today is among key support at 1.5360 and key resistance at 1.5820.

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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Harmonic Outlook

RecommendationBased on the charts and explanations above our opinion is, selling the pair below 1.5585 targeting 1.5270 and stop loss above 1.5780 might be appropriate.