The chart shows the movement after 1.5509. I think that it is developing as a corrective combination and we are currently in its second phase. It could be a flat or a triangle. In both cases 1.5509 is the key support and a fall below it should bring at least a new low below 1.5340 and probably much lower prices. A key resistance remains 1.5895. From the smaller picture it is still unclear what exactly is going on. I tend to open a short position but currently there is no reliable pattern to open such a position because the only good level for a stop loss is 1.5900 which is too far for daily strategy. So I prefer to be flat and to wait some signal before entering the market.

Trading strategy: 10:41 EST; 15:41 GMT

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This analysis has only informational and educational purpose and does not represent a proposal for buying or selling currency contracts.