The pair completed our suggested scenario by breaching the neckline of the head and shoulders pattern in addition to the main ascending trend line shown on image. In general we expect the downside pressure to remain dominant today, for a possible test retest of the major support around 1.5650, but for now and due to the inappropriate risk to reward ratio, we will wait for price to reach the aforementioned support to look for an intraday rebound .
The trading range for the day is expectedamong key support at 1.5600 and key resistance at 1.5900.
The general trend over short term basis is to thedownsidetargeting1.4225as far as areas of1.6875remain intact.
|Recommendation||Based on the charts and explanations above we recommend, buying the pair around 1.5645 targeting 1.5700 and 1.5750. Stop loss four-hour closing below 1.5620.|