The daily chart shows multiple bearish rejections at the upper limit of the ongoing channel resulting in an atypical bearish head and shoulders pattern.
Despite Yesterday's bullish reversal towards 1.6460 intraday resistance,В a bearish engulfing daily candlestick is being expressed today indicating the strength of this price level as resistance.
Sellers should be watching for today's daily closure. Daily closure below 1.6300 signals another bearish movement towards 1.6230-1.6200. On the other hand, daily fixation above 1.6330В will probably allow another bullish impulse towards 1.6600 to take place invalidating our SELL position.
