Morning Report

The pair continues consolidating above the support line of the recently established descending triangle-continuation pattern- as seen on the provided daily chart. Until now, Stochastic continues reflecting bearish momentum; whilst SMA 20-green- and SMA 50-red- are covering the pair below 23.6% Fibonacci of the downside wave from 1.6615 to 1.5270. A break below 1.5360 will accelerate declines but on the other side, breaching 1.5680 will give us a reason for pause.

The trading range for today is among key support at 1.5215 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.

Previous Report

Weekly Report

RecommendationBased on the charts and explanations above our opinion is, selling the pair around 1.5500 targeting 1.5270 and stop loss above 1.5665 might be appropriate.