The pair will revisit the minor descending channel's resistance level that meets with the MA 50 and thereby adding additional strength to this resistance, alongside stochastic that continues showing negative signs. These factors make us expect a bearish intraday direction targeting 1.5860 initially, but keep in mind that the breach of 1.6065 that could push to pave the way towards the previously breached bullish trend through the broken upside channel's support level that has currently turned into resistance around 1.6125.
The trading range for today is among the key support at 1.586 and the key resistance at 1.6180.
The short term trend is to the upside as far as 1.5315 remains intact with targets at 1.7000.
|Recommendation||Based on the charts and explanations above our opinion is selling the pair around 1.6065 targeting 1.5860 and stop loss above 1.6180, might be appropriate.|