In accordance with our technical overview which we espoused during the previous two months, the pair has slipped aggressively clearing the pivotal support of 1.5420. This decline has activated the classical pattern over daily studies discussed yesterday and we recommend reviewing the previous report for more details about this classical structure. Back to the harmonic overview over weekly basis where we can see the CD leg of duplicated harmonic formation is in progess as follows:
A harmonic Butterfly pattern starting from X2 point.
A harmonic Bat pattern starting from X1 point.
To recap, the allover trajectory remains bearish while focusing now is on the psychological level of 1.5000.
The trading range for today is among key support at 1.5075 and key resistance at 1.5555.
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 1.5350 targeting 1.5080 and stop loss above 1.5555 might be appropriate.|