Recommendation: SHORT positions below 1.3428 with 1.3270 & 1.3150 as next targets.
Alternative scenario: The upside breakout of 1.3428 will call for a rebound to 1.3577 levels.
Comment: With daily MACD crossed below signal line,and breaking below the key support 1.3370 last Friday , bearish momentum breakout has been completed at 1.3370, and a top has been placed at 1.3710 levels, this scenario suggests more consolidative trading with bearish bias below 1.3577, the pull back from 1.3710 should be resumed - as long as 1.3577 holds - towards 1.3270/1.3150 levels before the next rise. at this point I'd expect downside to be contained well above 1.3030/1.3150 levels to bring another rally above 1.3570 levels.On the upside, break of 1.3428 - minor resistance - will call for a rebound to 1.3577 levels, but upside move above 1.3428 should be contained well below 1.3577 and bring another decline towards 1.3270/1.3150 levels, break of 1.3577 may retest - expose - 1.3710 !!!
Hint: Intraday traders can watch the pair below 1.3270 levels anticipating bottoming to enter long with target above 1.3570 levels, the same thing with 1.3570, this level can be watched anticipating rejection to short with target below 1.3270 levels..