The break out of 1.6547 make us cut our short positions. We advised to stay flat then and a sell signal has jsut been given by the bearish break out this time of 1.6547. The parity seems now to evolve in a bearish channel and we will advise to keep short positions as far as it is the case. A new sell signal will be given by the break out of 1.6437. However, if an exif of the channel occur, this will indicate a correction towards 1.66