Morning Report

Let us use the following technical catalysts to suggest possible bearish actions over intraday basis:

The huge negative divergence appearing on RSI 14.

The suggested Elliott cycle started at 1.6165 as we classify the bullishness from 1.5230 as resumption for the corrective structure and the third wave may start sooner.

The negative candlestick structure seen obviously on the secondary image.

The daily closing below 1.5785.

Ultimately, a break of 1.5680 will accelerate and confirm the negative scenario; whilst a daily closing above 1.5785 will give us a reason for concern.

The trading range for today is among key support at 1.5515 and key resistance at 1.5935.

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, selling the pair below 1.5680 targeting 1.5460 and stop loss above 1.5785 might be appropriate.