| Support | 1.6130 | 1.6000 | 1.5935 | 1.5875 | 1.5780 |
| Resistance | 1.6240 | 1.6365 | 1.6420 | 1.6470 | 1.6550 |
Respecting our previous week's analysis, the pair closed comfortably below SMA 50 -currently valued at 1.6240- last Friday as seen on the provided daily graph. The bearishness became clearer on MACD traditional, but Stochastic might cause a retest of SMA 50 before resuming the bearishness that started at 1.6620 zones. A break below the pivotal support of 1.6105 will accelerate the movements, weakening the psychological level of 1.6000. To summarize, we hold onto our negative overview; noting that areas between 1.6500 and 1.6550 should act as a ceiling.
The trading range for this week is among key support at 1.5780 and key resistance at 1.6550.
The general trend over short term basis is to the downside targeting 1.4225 as far as areas of 1.6875 areas remain intact.
