Respecting our yesterday's proposed bearish scenario, the pair descended closing negatively below the detected areas of 1.6190 as seen on the provided daily graph. SMA 50 is presently valued at 1.6235 which is very close to the pivotal resistance of 1.6250, adding further bearish pressure on the pair. Thereby, we hold onto our bearish anticipations over intraday basis, supported by the continuous negative signs on MACD and Stochastic ; noting that a break below yesterday's low at 1.6130 will bring panic sell-off actions.
The trading range for today is among key support at 1.5935 and key resistance at 1.6470.
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 1.6250 targeting 1.6025 and stop loss above 1.6430 might be appropriate.|