The pair stabilized within a tight range since yesterday and stable below the MA 50 and the 50% Fibonacci correction. This supports the continuation of the move within the descending channel and accordingly we expect an intraday downside move targeting 1.5880 which a breach of will extend the move towards the support for the channel at 1.5755. Our expectations require stability below 1.6045 to prevail.
The trading range for today is among the major support at 1.5755 and the major resistance at 1.6085.
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 with the breach of 1.5910 targeting 1.5755 and stop loss above 1.6010 might be appropriate|