Today, we will look classically at the four hour chart -secondary image- where we will notice that, SMA 20 & SMA 50 combination which represents the statistical trend line for the intraday are covering the pair as well. Of note, the price action from 1.5773 -yesteray's recorded low- should be seen as a normal effect for touching SMA 100 over weekly basis where the pair has met the PRZ of our previous discussed butterfly pattern formed on the daily chart -check the previous report-. In the interim, the classical double top on the weekly graph should beat the daily harmonic structure. To conclude this collection of time frames, the fluctuation might continue over intraday basis below the ceiling -SMA 20 and 50- of the four hour interval and this fluctuation is a reaction for touching important short term pivotal support areas, but the bearishnesson the weekly chart is clear. Thus, we look forward to witness a sustained breakout below 1.5780 to activate the double top pattern.
The trading range for today is among key support at 1.5515 and key resistance at 1.6075.
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 1.5880 targeting 1.5595 and stop loss above 1.6075 might be appropriate.|