The pair settled below the resistance level for the descending channel which resumes the channel's control on the pair over short term basis. Accordingly, we expect a general downside trend this week which will base upon the major resistance at 1.6245 after gaining enough momentum to support the expected declines.Stable daily closings below 1.6245 are required for the bearish expectations to prevail this week.
The trading range for the week is among the major support at 1.5725 and the major resistance at 1.6405.
The general trend is to the upside as far as 1.4840 is intact with targets at 1.7200.
Previous day ReportSupport1.60751.60001.59651.59001.5850Resistance1.61451.62451.63101.64151.6500RecommendationBased on the charts and explanations above our opinion is selling the pair from 1.6245 targeting 1.6110 and stop loss above 1.6310, might be appropriate this week