Although the pair rebounded from the cluster of support levels formed by the 200 and 50 days Simple moving averages; a probable bearish rising wedge pattern could be in the process of the materializing. The moving averages have prevented further decline and hint a possible rebound supported by the positivity seen on RSI momentum indicators; while the wedge pattern hints a possible bearish reversal, therefore, we prefer to remain neutral today.
The trading range for today is among key support at 1.5645 and key resistance at 1.6165.
The general trend over short term basis is to thedownsidetargeting1.4225as far as areas of 1.6875remain intact.
|Recommendation||Based on the charts and explanations above we recommend staying aside awaiting further confirmations.|