Morning Report

Yesterday's upside recovery from the support line -uptrend line- that carried the movements from the significant low of 1.5230 could be seen as a positive indication. But, the recently established descending channel and the negative sign on Stochastic are factors that argue us to hold onto our bearish predictions over intraday basis. A break below 1.5840 -SMA 200- is required to reinforce our outlook.

The trading range for today is among key support at 1.5680 and key resistance at 1.6075.

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

Previous Report

Weekly Report

RecommendationBased on the charts and explanations above our opinion is, selling the pair below 1.5840 targeting 1.5630 and stop loss above 1.6000 might be appropriate.