The technical picture remains quite bearish, as mentioned spike up to 1.6038 was rejected by a key Fibonacci resistance, the 50% retracement of the 1.5874/1.6184 rally; even further, the pair has extended its decline below the 61.8% retracement of the same rally at 1.5995, level that capped the upside all of this Friday. In the 4 hours chart, indicators turned back south well into negative territory and after correcting oversold readings, while 20 SMA extended its bearish slope above current price.
A downward acceleration below 1.5950, should lead to a quick slide towards the 1.5910 price zone, while once below this last, October low of 1.5874 comes as next bearish target. Up to 1.6030/40 Fibonacci area, sellers will maintain the lead: it will take a firmer advance beyond it to confirm a reversal in the pair, quite unlikely, yet short term pointing then to 1.6060/80 price zone.
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