Yesterday's recorded high has created a new long upper shadow that should be added to the previous four candles. Consequently, we looks at the aforesaid high as a new re-test of SMA 20 which forced the pair to move sharply downwards once more. The key support of 1.5590 will be under attack sooner due to the negativity of Stochastic; thus, the bearishness is still favored over intraday basis. A break of 1.5420 will designates more aggressive selling interests towards 1.5270 over upcoming sessions.
The trading range for today is among key support at 1.5375 and key resistance at 1.5820.
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, selling the pair below 1.5645 targeting 1.5420 and stop loss above 1.5780 might be appropriate.|