The pair succeeded in breaching support 1.5400 to near the suggested primary targets, where it is currently trading near the breached support level in an attempt to retest it. Therefore, we can expect a bearish reversal so the pair may achieve the suggested bearish intraday direction; targeting 1.5235 then 1.5160 mainly and requires the four hour closing below 1.5485 to prevail.
The trading range for today is among the key support at 1.5160 and the key resistance at 1.5555.
The short term trend is to the downside as far as 1.6070 remains intact with targets at 1.3800.
|Recommendation||Based on the charts and explanations above our opinion is selling the pair around 1.5400 targeting 1.5280 and stop loss above 1.5495, might be appropriate.|