Morning Report

The market has drawn a daily candlestick of indecision yesterday as seen on our provided daily graph. But, we can see how the pair is moving freely below the previous broken support line-turned into resistance- of the detected descending triangle pattern at 1.5420. This support might be retested before resuming the downside rally under the negative pressure of moving averages and below 236.6% Fibonacci of the bearish wave from 1.6615 to the significant low at 1.5270. Thereby, the bearishness may dominate the movementsover intraday basiswhile a break of 1.5270 will encourage intraday bears.

The trading range for today is among key support at 1.5075 and key resistance at 1.5555.

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

RecommendationBased on the charts and explanations above our opinion is, selling the pair around 1.5390 targeting 1.5125 and stop loss above 1.5570 might be appropriate.