The pair has continued its upside recovery where it succeeded in surpassing SMA 20-colored in green- and now, the struggle continues around SMA 50 as seen on the provide daily graph. Actually, we do have three technical factors that argue us to suggest potential downside move over intraday basis to complete the short term bearishness started at 1.6100 zones as follows:
The shooting star pattern, appearing on the four-hour interval.
The clear overbought sign appearing on RSI 14 over four-hour chart.
The solidity of the 1.5780 areas which should be the ceiling for any upside rallies.
Ultimately, areas of 1.5585 should be breached to confirm the awaited downside wave.
The trading range for today is among key support at 1.5360 and key resistance at 1.5880.
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 1.5585 targeting 1.5270 and stop loss above 1.5780 might be appropriate.|