Despite the pair's several attempts to invalidate our expectations by forming a bullish technical pattern, it wasn't enough to alter the trend as the pair declined once again. As a result, we will hold onto our outlook for further declines, especially as the stochastic indicator exited oversold areas. The pair needs to breach the 38.2% correction at 1.6315 to confirm the decline.
The trading range for today is among the key support at 1.5860 and the key resistance at 1.6720
The general trend is to the upside as far as 1.4840 remains intact with targets at 1.7100
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|Recommendation||Based on the charts and explanations above, our opinion is selling the pair from 1.6360 to 1.6085 and stop loss above 1.6460 might be appropriate.|