The hourly chart shows indicators accelerating lower from overbought levels and price challenging 20 SMA, "yet unless a clear break and follow trough below mentioned support, the downside is still limited," comments Valeria Bednarik, FXstreet.com analyst. "For the ones thinking on a probable double roof at today’s high, remember the figure won’t be complete unless a break of the neckline, which stands at 1.5826, November 15th daily low."
Supports are seen at 1.6260, 1.6230 and 1.6195. While resistance are at 1.6305, 1.6345 and 1.6390.
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