The pair is slightly correcting yesterday's sharp decline that took it towards 1.5360 zones, but having a deeper look at the provided daily graph will show that the closing was achieved below the pivotal support of 1.5420. At the same time, Stochastic remains negative despite approaching oversold areas; whilst SMA 20 and SMA 50 are covering the aggressive downside wave from 1.5690 zones. In result, we hold onto our bearish predications over intraday basis; noting that,a break of 1.5360 will accelerate declines.
The trading range for today is among key support at 1.5180 and key resistance at 1.5680.
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 around 1.5450 targeting 1.5270 and stop loss above 1.5680 might be appropriate.|