The incline seen forced Stochastic to enter overbought areas, while the current upside move should send the pair to retest the previously mentioned areas around 1.5560-75, in attempts to gain negative momentum from there. Consolidation below the descending resistance level at 1.5665 drives us to expect a downside movement during the session today.
The trading range for today is among the major support at 1.5270 and the major resistance at 1.5705.
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, our opinion is selling the pair around 1.5575, and take profit in stages at (1.5420 and 1.5270) and stop loss above 1.5780 might be appropriate|