Influenced by facing the pivotal resistance around 1.5590, the pair has slumped once again towards 76.4% Fibonacci retracement of the upside rally from 1.5270 to 1.6165 as seen on the provided four-hour graph. Actually, it found some kind of support around the aforementioned Fibonacci level that may send the pair along with its RSI 14 to the overbought areas once more. We will continue relying on the above seen descending channel that dominated the bearishness during the previous period to suggest more bearish actions over upcoming sessions. A break of 1.5480 will confirm the negative scenario; whilst breaching through 1.5415 will trigger a panic sell-off towards 88.6% Fibonacci followed by the full correctional level of 1.5270. On the upside, a break above 1.5720 will give us reason for concern.
The trading range for today is among key support at 1.5270 and key resistance at 1.5720.
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 1.5560 targeting 1.5270 and stop loss above 1.5750 might be appropriate.|