The pair is still hovering around 88.6% Fibonacci of CD leg for the bullish harmonic AB=CD pattern as seen on the provided four hour graph. The tranquility dominated the price behaviors since the opening of the week argues us to hold onto our bearish predictions over intraday basis, based on the huge negative divergence appearing on RSI 14 and the potential reversal classical formation Megaphone discussed earlier. Breaching through the pivotal support of 1.6420 should be seen to confirm our constructive outlook.
The trading range for today is among key support at 1.6225 and key resistance at 1.6715.
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 1.6420 targeting 1.6135 and stop loss above 1.6615 might be appropriate.|