Yesterday's aggressive decline has been capable of creating a bearish candlestick formation which is very close to be a bearish engulfing pattern. Although the pair is still stable above SMA 50 but the negativity appearing on MACD traditional argues us to suggest potential downside actions over intraday basis. In the interim,Stochastic started to lose its upside steam despite moving close to oversold areas. All what we need is to witness a sustained break back below yesterday's low to visit 1.6000 zones as this awaited breakout will weaken 1.6205 zones and 1.6105 areas, seen on the provided graph.
The trading range for today is among key support at 1.6075 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 1.6430 might be appropriate.|