The pair continued its clear bearish trend after touching our detected technical resistance of 1.5750. Re-testing the aforesaid areas will not be able to change our negative outlook which is based on the classical double top formation appearing on the weekly studies; noting that the cover of moving averages combination becomes very solid. Breaching through yesterday's recorded low will trigger a panic sell-off softly targeting the pivotal support areas around 1.5475. Only a break above 1.5935-1.6000 will give reasons for delaying the scenario.
The trading range for today is among key support at 1.5475 and key resistance at 1.5935.
The general trend over short term basis is to the downsidetargeting 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 1.5700 targeting 1.5475 and stop loss above 1.5885 might be appropriate.|