The pair has moved sharply to the downside once again achieving a negative daily closing below SMA 200 while Stochastic succeeded remains negative suggesting additional losses over intraday basis. In the interim, the four-hour interval continued offering the possibility of forming a reversal classical pattern. This pattern reinforces the bearishness suggested for today and a break below 1.5785 will assist bears to dominate the market.
The trading range for today is among key support at 1.5615 and key resistance at 1.6000.
The general trend over short term basis is to the downside, targeting 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 1.5820 targeting 1.5585 and stop loss above 1.5995 might be appropriate.|