The pair returned to trade above 38.2% Fibonacci that has been breached yesterday, which could signal that a bearish correction was achieved, and then attempt to return to the upside. On the other hand, SMA's resistance for intraday trading is supported by the negative momentum offered by stochastic; therefore, we expect equal chances in resuming any direction as we keep an eye on critical levels represented by support 1.5995 and resistance 1.6110.
The trading range for today is among the key support at 1.5870 and the key resistance at 1.6200.
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 with an hourly closing below 1.6110 targeting 1.6290 and stop loss below 1.5995, (or) selling the pair with an hourly closing below 1.5995 targeting 1.5810 and stop loss above 1.6110, might be appropriate.|