The pair is currently hovering around 61.8% Fibonacci level of the wave from 1.6745 to 1.5230 while Stochastic remains negative as seen on the provided chart. The lack of bullish momentum seen since the opening of this week and the sensitivity of the current levels force us to stay aside today until the pair proves its ability to reach 76.4% Fibonacci level. Of note, a breakout beneath 1.6165 with a daily closing will bring aggressive bearish actions.
The trading range for today is among key support at 1.6025 and key resistance at 1.6390.
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.|
Technical analysis for precious metals with major support and resistance levels and recommendations for 18-08-2009