The pair is still battling the pivotal support of 1.6250, where 61.8% Fibonacci retracement of CD leg of the bullish harmonic AB=CD pattern exists. We need to witness a sustained breakout below the aforementioned level to make sure that 88.6% of CD let has capped the pair and we believe that, it will be able to achieve this awaited breakout, based in the classical negativity appearing on daily studies as seen on the subsidiary image. It is clear that SMA 50 is covering the movements as well. Consequently, we hold onto our bearish predictions over intraday basis.
The trading range for today is among key support at 1.6000 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, selling the pair below 1.6250 targeting 1.6025 and stop loss above 1.6420 might be appropriate.|