After retesting the previous broken support of the descending triangle pattern as projected, the pair has slipped sharply forming a long upper shadow as seen on the main daily chart. Having a look at the four-hour graph will confirm the solidity of the above mentioned level around 1.5420 since the chart has drawn a shooting star pattern-secondary image- that may assist bears to continue their southern trip retargeting 1.5230 zones followed by 1.5125 later. To recap, our bearish scenario remains valid over intraday basis.
The trading range for today is among key support at 1.5125 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 1.5370 targeting 1.5125 and stop loss above 1.5555 might be appropriate.|