The pair continues the bullish trend within the bullish channel shown above, as the pair is closely nearing key resistance for the main ascending channel, accompanied by overbought signs through the RSI. These expectations support the bearish candlestick formations that have appeared on the daily chart near the 50% correction; the bearish trend correction that has startedonAugust 5,2009 and ends on May19, 2010 appearing in the image above. The bearish correction is expected to occur today that will cause the pair's trading to fail above 1.5700.
The trading range for today is among the key support at 1.5460 and the key resistance at 1.5805.
The short term trend is to the downside as far as 1.5590 remains intact with targets at 1.3800.
Support1.56101.55801.55401.54951.5460Resistance1.56701.57001.57451.57851.5805RecommendationBased on the charts and explanations above our opinion is selling the pair around 1.5630 targeting 1.5460 and stop loss above 1.5700, might be appropriate.