Morning Report

Despite achieving an important daily closing yesterday above the initial resistance of 1.5585, but we can't suggest a bullish scenario for intraday traders since the four-hour interval shows an obvious overbought case on momentum indicators. Indeed, the pair always satisfies the overbought signal, particularly when this signal appears on RSI 14 indicator. In the interim, we can see some kind of pause around 88.6% Fibonacci retracement of the entire downside wave from 1.5665 to 1.5230. The contrarian between the bullishness appearing on the daily chart and the weakness on four-hour time scale forces us to avoid trading today. Carefully note that, clearing 1.5670 zones will bring additional buying interests while breaching through 1.5565 will be a negative indication.

The trading range for today is among key support at 1.5370 and key resistance at 1.5880.

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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Weekly Report

RecommendationBased on the charts and explanations above our opinion is, staying aside until an actionable setup presents itself to pinpoint the upcoming big move.