As shown above on the chart, we find the pair is still trading below the up-trend line which controlled the pair's movement since the bottom of 1.5270 till the top of 1.6165. Trading below this up-trend line could trigger a downside movement toward areas around 1.5820 and maybe towards 1.5720. Consolidation below the top of 1.6165 is required for our negative outlook to prevail, while a breach of 1.5905 should activate a bearish technical structure. We recommend reviewing our previous reports for more details regarding this structure.
The trading range for today is among the major support at 1.5820 and the major resistance at 1.6250.
The short-term trend is to the downside as far as 1.6875 remains intact targeting 1.4225.
|Recommendation||Based on the charts and explanations above, we recommend selling the pair around 1.5945, targeting 1.5630 and stop loss above 1.6160 might be appropriate.|