Once again, the combination of SMA 50 and SMA 100 succeeded in forcing the pair to draw a long upper shadow for yesterday's candlestick as seen on the provided daily graph. Moreover, the pair started to stabilize below 1.5650 zones after touching the pivotal resistance detected yesterday at 1.5730. Accordingly, we believe that there are chances for resuming the bearish trendthat started around 1.5990 on February 29. A break below 1.5585 will trigger a panic sell-off action; noting that volatile price behavior might be witnessed due to the oversold sign on Stochastic.
The trading range for today is among key support at 1.5420 and key resistance at 1.5880.
The general trend over short term basis is to the downsidetargeting 1.4225 as far as areas of 1.6875 remain intact.
|Recommendation||Based on the charts and explanations above our opinion is, selling the pair around 1.5680 targeting 1.5460 and stop loss above 1.5850 might be appropriate.|