Pattern Formed- Head and shoulder
Major support: 1.6180
The pair has broken major support 1.6180 and declined till 1.6170. Short term trend is still weak as long as resistance 1.6260 holds.
Any break above 1.6260 will take the pair to next target 1.6310/1.6355.
On the lower side any break below 1.6180 will drag the pair down till 1.6000/1.5890.
It is good to sell on rallies around 1.6195-1.6200 with SL around 1.6260 for the TP of 1.6000/1.5890
Major support: 1.6180
The pair has broken major support 1.6180 and declined till 1.6170. Short term trend is still weak as long as resistance 1.6260 holds.
Any break above 1.6260 will take the pair to next target 1.6310/1.6355.
On the lower side any break below 1.6180 will drag the pair down till 1.6000/1.5890.
It is good to sell on rallies around 1.6195-1.6200 with SL around 1.6260 for the TP of 1.6000/1.5890