Yesterday's bullish attempts to stabilize above 1.5925 zones have been limited below the critical psychological level of 1.6000 where the pair started to decline again as seen on the provided daily chart. It seems that, Stochastic is losing its upside steam while Parabolic SAR is covering the entire upside recovery from 1.5800 zones. Stability above 1.5890-1.5925 contradicts with the aforesaid negative technical signs appearing on momentum and trend indicators. Thereby, we hold onto our neutrality over intraday basis.
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 downside, targeting 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.|