The pair has found a very good support around SMA 50, which carried it as well and at the same time, RSI 14 started to enter the overbought areas again. Henceforth, we will remain neutral at least during the morning session until we see how the pair will behave around 76.4% Fibonacci retracement of CD leg for the bullish harmonic AB=CD pattern as a break of this Fibonacci level will trigger panic buying pressure towards 1.6550 -the full correctional level of CD leg- according to the harmonic rules that organize the scenario of the technical target. If the bullishness started at SMA continues, we should note that there is a technical obstacle resides around 1.6440-1.6450 zones.
The trading range for today is among key support at 1.6125 and key resistance at 1.6550.
The general trend over short term basis is to the downside, targeting 1.4225 as far as areas of 1.6875 areas remain intact.
|Recommendation||Based on the charts and explanations above our opinion is, staying aside until a clearer sign appears to pinpoint the upcoming big move.|