Click on the image for a larger view
The bearish harmonic structure formed on Stochastic of the daily studies has been completed via achieving obvious negative crossover. Henceforth, our outlook remains bearish based on the major reversal classical pattern discussed earlier; whilst trading remains negatively pressured by the moving averages collection of SMA 50 and SMA 100 as seen on the provided daily graph. Breaching through the psychological levels of 1.6000 will accelerate the awaited bearish wave, chiefly targeting 1.5880, followed by 1.5780. On the upside, only a break of 1.6250-1.6260 with a daily closing gives us reason for concern.
The trading range for today is among key support at 1.5880 and key resistance at 1.6250.
The general trend over short term basis is to the downsidetargeting 1.4225 as far as areas of 1.6875 areas remain intact.
|Recommendation||Based on the charts and explanations above our opinion is, selling the pair around 1.6120 targeting 1.5935 and stop loss above 1.6260 might be appropriate.|