The pair continues trading to the downside in an attempt to continue stabilizing below 38.2% Fibonacci correction, which is considered a signal for more expected bearish intraday movement supported by the negativity offered by stochastic. The first initial target is around 1.5870, where the breach will lead towards 1.5745; however, in return note that stability below 1.6090 will maintain chances of resuming these expectations.
The trading range for this week is among the key support at 1.5770 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 around 1.5995 targeting 1.5810 and stop loss above 1.6090, might be appropriate.|