Despite drawing a positive sign on Stochastic of the main daily studies, but yesterday's closing was also achieved below 1.5780-38.2% Fibonacci of the downside rally from 1.6615 to 1.5270- and below SMA 50; thus, we looked deeper at the four-hour graph. The secondary image shows how the fluctuation that dominated the movements, where the candlesticks have formed long wicks and tails, suggesting a technical case of indecision. As a consequence, we prefer staying aside over intraday basis until a reasonable setup presents itself. Of note, a break of 1.5690 will be very negative indication this time.
The trading range for today is among key support at 1.5490 and key resistance at 1.6000.
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, staying aside until an actionable technical setup presents itself to pinpoint the next big move.|