Reviewing the previous report shows how the pair respected our suggested price actions since the pair moved towards 1.5820 before moving violently downwards during the Asian session. The secondary four-hour chart still shows the statistical ceiling consisting of SMA 20 and SMA 50 which pressures the pair negatively; whilst the daily closing was achieved again below the pivotal support of 1.5780. Consequently, we keep our classical bearish anticipations intact over intraday and short term basis and a break of 1.5720 will accelerate the awaited descending wave.
The trading range for today is among key support at 1.5515 and key resistance at 1.6025.
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 1.5780 targeting 1.5475 and stop loss above 1.6000 might be appropriate.|