The pair didn't show any big move during the Asian session after achieving a new daily closing below SMA 50 as seen on the provided daily chart. Meanwhile, Stochastic started to show the tendency to overlap negatively as we anticipated yesterday. Thereby, we still classify the recovery from 1.5405 as a healthy correction and gathering momentum process to resume the downside rally started at 1.6615. A break of 1.5590 will bring aggressive selling interests.
The trading range for today is among key support at 1.5420 and key resistance at 1.5880.
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 below 1.5650 targeting 1.5420 and stop loss above 1.5795 might be appropriate.|