Despite achieving a mild upside recovery yesterday, the pair couldn't hit the key resistance level of SMA 50 at 1.5730 as seen on the provided daily chart. Additionally, the pair has recently created a sideways range trading areas as seen on the secondary four-hour chart; whilst RSI 14 can't interpret a specific direction for the momentum. Accordingly, we will stay aside at least during the morning session; noting that a break below 1.5650 will assist bears to dominate the market.
The trading range for today is among key support at 1.5515 and key resistance at 1.5925.
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, staying aside until an actionable setup presents itself to pinpoint the upcoming big move.|