My technical strategy to short around the trendline resistance area worked perfectly yesterday as the pair had a bearish momentum, bottomed at 1.6092 and closed at 1.6140. This fact should keep the bearish scenario intact. As you can see on daily chart below price seems to have a good support at trendline support (red) area beside 1.6040. We need a break below that trendline support to continue the bearish scenario targeting 1.5800 in longer term. Immediate resistance at 1.6170. Break above that area should trigger further bullish correction testing 1.6259 area but I still prefer a bearish scenario with sell on rallies strategy.
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