The negative pressure that the pair achieved remains constant, appearing clearly through descending tops for the descending channel that organizes the current short term wave trades. Trading below the MA 50 in addition to bearish momentum appearing through the stochastic signs that make us expect a bearish trend over an intraday basis, which will start after breaching themain support level of1.6005, headingtowards 1.5900 - 1.5850. Keep in mind that achieving these expectations requires 1.6160 to remain intact, with the four hour closing below it.
The trading range for today is among the key support at 1.5850 and the key resistance at 1.6260.
The general trend is to the upside as far as 1.4840 remains intact with targets at 1.7200.
Monthly Report Weekly Report
|Recommendation||Based on the charts and explanations above our opinion is selling the pair from 1.6075 targeting 1.5920 and stop loss above 1.6175, might be appropriate.|
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