A bearish Head and Shoulders has formed. A break of the neckline is required to confirm the formation. The measured move target is 1.6300. Negative overnight flows lead to an expectation of a weaker open this morning. Further downside is expected although we prefer to set shorts at our bespoke resistance levels at 1.6700, resulting in improved risk/reward.
We look to Sell at 1.6700 Stop: 1.6750 Target 1: 1.6515 Target 2: 1.6450