The pair has slipped violently confirming our suggested bearishness discussed in the previous report where it found support around SMA 200. Having a deeper look at the daily closing, we can see it was negative below 1.5890 zones. In the interim, Stochastic has overlapped negatively forming a possible negative divergence. Thereby, the bearish scenario remains favored as far as the psychological level of 1.6000 remains intact.
The trading range for today is among key support at 1.5730 and key resistance at 1.6125.
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 below 1.5890 targeting 1.5700 and stop loss above 1.6000 might be appropriate.|