The positive trading was unable to cover the negativity seen in the past week when the pair reversed to the downside from the resistance at 1.6545. But, the Exponential Moving Average 50, which is currently at 1.6270, is still supporting the pair from below since 21 months, providing positivity to resist the downside reversal, which started from the mentioned resistance. Therefore, we remain neutral awaiting more confirmations.
The trading range for today is among the major support at 1.6190 and the major resistance at 1.6630.
The short-term trend is to the downside as far as 1.6875 remains intact targeting 1.4225.
|Recommendation||Based on the charts and explanations above we remain neutral awaiting more confirmations|