The pair succeeded in retesting the previous broken pivotal support-turned into resistance- at 1.6250 zones, where it started to decline once more as seen on the provided daily graph. We classify the internal upside moves as normal correction behaviors within C wave of the suggested Elliott count. The negativity appearing on Vortex and SMA 50 indicators encourages us to keep our bearish predictions over intraday basis, mainly targeting the psychological level of 1.6000 and a break of which may accelerate the wave.
The trading range for today is among key support at 1.5880 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 around 1.6225 targeting 1.5980 and stop loss above 1.6420 might be appropriate.|