Morning Report

The pair has moved with a bearish tendency during the Asian session adopting a favorable reaction to our previous technical comment. The secondary image shows that a bearish candlestick formation was formed over four-hour interval suggesting that the support of the descending triangle could be cleared over upcoming session. To recap, the bearishness is still favored over intraday basis supported by stability below moving averages and 23.6% Fibonacci retracement of the downside rally from 1.6615 to 1.5270.

The trading range for today is among key support at 1.5215 and key resistance at 1.5680.

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 1.5475 targeting 1.5215 and stop loss above 1.5665 might be appropriate.