The MA 50 halted the upside move for the pair yesterday and the closing was below the support for the main ascending channel shown above. Therefore, we still expect an intraday downside move today supported by the negativity on Stochastic. Breaching the resistance areas of 1.6225-45 and stability above it will open the way for returning to the general upside move once again.
The trading range for today is among the major support at 1.6000 and the major resistance at 1.6400.
The short-term trend is to the upside with steady daily closing above 1.5315 with targets at 1.7000.
|Recommendation||Based on the charts and explanations above our opinion is selling the pair around 1.6210 targeting 1.6045 and stop loss above 1.6320 might be appropriate|