The pair reached the awaited initial target at 1.5220, where it is finding a hard time in achieving a four-hour closing below it due to support from the oversold signs on momentum indicators. We expect the pair to touch the retest level at 1.5220 -the 50 MA- and reverse to the downside. The expected direction is bearish over intraday basistargeting 1.5080 then 1.4960 and requires stability below 1.5355.
The trading range for today is among the key support at 1.4960 and the key resistance at 1.5355.
The short term trend is to the downside as far as 1.5590 remains intact with targets at 1.3800.
Support1.51551.51251.50801.50151.4960Resistance1.52201.52751.53101.53551.5390RecommendationBased on the charts and explanations above our opinion is selling the pair around 1.5220 targeting 1.5080 and stop loss above 1.5310, might be appropriate.