Price action on the day has been rejected at highs by 1.5590 and the pair has edged lower, broken below 10-DMA at 1.5537.
The following technical factors support our view for downside correction in the pair:
- Formation of an at highs
- stochastics crossover from overbought territory
- turns lower from 62 levels, points south
Immediate support is seen at 1.5429 (Feb 8th lows), while resistance is located at 1.5644 (5-DMA)
Good to sell rallies around 1.55, SL: 1.5650 TP:1.5240/1.52