Morning Report

The previous caught positive sign which appeared on Stochastic has been able to send the pair slightly upwards. Now, the previous broken support-turned into resistance- of the descending triangle pattern at 1.5420 could be retested before moving to the downside once more as we classify the current price behaviors as normal gathering momentum process. A breakout below 1.5270 will bring violent bearish wave while stability above 1.5420 will give us a reason for pause.

The trading range for today is among key support at 1.5125 and key resistance at 1.5555.

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 1.5420 targeting 1.5230 and stop loss above 1.5555 might be appropriate.