Morning Report

The pair has closed comfortably below the important level of 1.5650 as seen on the provided daily chart. SMA 50 -red- and SMA 100 -blue- are presently covering the bearishness as well. In the interim, the negativity on Stochastic remains unchanged despite approaching oversold areas. Thus, we keep our bearish predictions intact over intraday basis and eyes should be on 1.5585 as a break of which will trigger panic sell-off actions mainly targeting 1.5420 areas.

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 downsidetargeting 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 around 1.5670 targeting 1.5420 and stop loss above 1.5850 might be appropriate.