RSI 14 is close to overbought areas.
MACD may confirm the slant negative divergence.
Stoppage by 76.4% Fibonacci may prove the efficiency of potential harmonic Gartley pattern.
Trading close to the short-term downtrend line connecting the movements from 1.6380.
Accordingly, we prefer to stay aside to see the price behaviors around the aforementioned trend line and to see how traders will react with the recently caught bearish signs.
The trading range for this week is among key support at 1.5200 and key resistance at 1.5725.
The general trend over short term basis is to the downside as far as areas of 1.5605 remains intact targeting 1.4550.
Support: 1.5430, 1.5360, 1.5250, 1.5200, 1.5170
Resistance: 1.5550, 1.5590, 1.5630, 1.5685, 1.5725
Recommendation Based on our explanations above, we believe that staying aside until clearer signs appear could be appropriate this week.
IMOH, Clement I.
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