Morning Report

The recovery started around 1.5695 zones was limited during the Asian session and the pair showed slight bearish actions as seen on the provided daily chart. We need to witness a breakout below 1.5785 zones to make sure that the previous two days' incline is just a correction. Anyway, stability below SMA 200-colored in grey- and below the pivotal resistance areas of 1.5925-1.5935 argues us to propose potential resumption for the bearishness started at 1.5990. Of note, Stochastic may cause fluctuation.

The trading range for today is among key support at 1.5555 and key resistance at 1.6025.

The general trend over short term basis is to the downside, targeting 1.4225 as far as areas of 1.6875 remain intact.

Previous Report

Weekly Report

RecommendationBased on the charts and explanations above our opinion is, selling the pair below 1.5780 targeting 1.5555 and stop loss above 1.5935 might be appropriate.