Mid-day report

Prior to reaching targeted levels, mentioned in our morning report, the pair returned to the downside; where the downside is certainly what is controlling the pair. Stochasticalsoshows a negative reversal, while 1.6380 resistance level remaining intact shows that the pair lacks enough bullish momentum to continue inclining, making us expect a downside move changibg the pair's expected intradaymove for today. A classical technical pattern assures our expectations on thechart above.

The trading range for today is among the key support at 1.5925 and the key resistance at 1.6625.

The general trend is to the upside as far as 1.4840 remains intact with targets at 1.7100.

RecommendationBased on the charts and explanations above our opinion is selling pair from 1.6255 To 1.6050 and stop loss above 1.6385, might be appropriate