The pair continued the expected downside move, to drop just below the 50% level and rebound slightly. Currently, Stochastic is extremely oversold, thus we look for a retest of that area around 1.5800 before resuming intraday bearishness again toward the 61.8% target at 1.5610. Extending any upside move above 1.5820 may send the pair to retest the neckline of the previously breached bearish technical pattern near 1.5900 areas.
The trading range for today is among key support at 1.5475 and key resistance at 1.6000.
The general trend over short term basis is to thedownsidetargeting1.4225as far as areas of1.6875areas remain intact.
|Recommendation||Based on the charts and explanations above our opinion is, selling the pair around 1.5825 targeting 1.5610 and stop loss above 1.6000 might be appropriate.|