Quick idea.
The pair is near its key support, at around 1.5968, which is also the lowest point of November. The bulls seem to be trying hard right now to keep the rate above that level. If that level eventually surrenders and breaks, this would attract more sellers into the game and a further decline would be possible.
If the pair is able to climb back above the 1.6020 territory, this might give an opportunity for more bulls to join in, as the rate would also be placed above its 21 EMA on the 4-hour chart.
Please see the chart for details.
Don't forget your stop-loss.
The pair is near its key support, at around 1.5968, which is also the lowest point of November. The bulls seem to be trying hard right now to keep the rate above that level. If that level eventually surrenders and breaks, this would attract more sellers into the game and a further decline would be possible.
If the pair is able to climb back above the 1.6020 territory, this might give an opportunity for more bulls to join in, as the rate would also be placed above its 21 EMA on the 4-hour chart.
Please see the chart for details.
Don't forget your stop-loss.
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