The pair is at a strong resistance level which is
50% Fibonacci level of the bearish move from 1.6545 down to 1.5780.
The upper limit of the slightly bullish channel marked on the chart.
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Consolidation between the lower limit of the new bullish channel and the resistance area (50% Fibonatcci).
Also we see bullish rejection of 38.2% Fibonatcci level.
Now the pair needs to close below 1.6100 in order to reach 1.6030 - 1.6000.
Trade Recommendations:
Selling near 1.6170-1.6200 with TP at 1.6130,1.6100 then 1.6030.
SL should be 4H closure above 1.6250.
