Despite strong recovery, pair remains unable to clearly break above the 1.6440 area, 20 SMA in the 4 hours charts still with a bearish slope. Hourly indicators seem a bit exhausted to the upside, while 20 SMA remains flat, suggesting some downside movements likely corrective, for the next couple of hours or so; the extension and speed of that movement will mark next sessions direction: if reaches the 1.6300 area, pair will try to extend downside rally under yesterday’s low.
Support levels: 1.6380 1.6330 1.6290
Resistance levels: 1.6440 1.6485 1.6520
( FXstreet.com Independent Analyst Team )
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