Pair has reached the 1.6540 area in extreme overbought conditions in the hourly chart, and now corrects to the downside, consolidating above 1.6500. Under 1.6480 a deeper corrective movement will likely send the pair close to 1.6420 area, while if the zone holds, a renewed upside run above current high, will quickly send the pair to test the 1.6600 area.
4 hours charts are showing a clear continuation figure, a symmetric triangle, while indicators had enough momentum to extend the rally. Watch for a break and a pullback to the broken line, before taking a position.
