R3: 1.5820

R2: 1.5780

R1: 1.5720/30

Current Price: 1.5685

S1: 1.5650/60

S2: 1.5600/10

S3: 1.5580

Rate completes an inverted hammer formation and marks new weekly lows from an inside range day; classic images of a failed high in my view. Close in stops under the Monday low triggered but bids mixed in for an initial bounce. Aggressive selling likely overnight as late longs are forced to cover back and early shorts press their advantage. More downside is likely and aggressive traders can sell the rate on any bounce. Look for continued weakness ahead of Philly Fed Friday.