Morning Report

The pair has plummeted after retesting the neckline areas of the classical head and shoulders pattern caught earlier and now, the path is cleared to achieve additional downside movements over intraday basis. Breaching through 38.2% Fibonacci retracement of the IM wave from 1.6165 to 1.5360 will accelerate declines. Note that RSI 14 is gradually approaching oversold areas and that may cause some kind of fluctuation but don't think it can change the intraday bearish direction.

The trading range for today is among key support at 1.5420 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, selling the pair around 1.5680 targeting 1.5465 and stop loss above 1.5850 might be appropriate.