Pivot: 1.6178

Recommendation: SHORT positions around 1.5900 with 1.5500 & 1.5300 as next targets.
Alternative scenario: The upside breakout of 1.6178 will call for a rebound to 1.6380/720.
Description :Bearish momentum breakout has been completed on the weekly chart at 1.5843, more losses are suggested as long as the pair trades below 1.6178 on a weekly closing basis, only a weekly close  above this level will reverse risks to the upside and target 1.6380/1.6720 levels.However; the first target has been already achieved around -1.5700 - 127.2% extension, It might bounce to test the broken level around 1.5850 before resuming the down move towards 161.8% extension around the psychological level 1.5500 where also strong rebound is suggested to 1.6000 levels.

On the 4 hour chart posted below, losing the key support 1.5824 suggests that rising from 1.5824 has already finished at 1.6380, and more loses are suggested to 1.5673/1.6480 levels, the pair already tested the 127.2 extension at 1.5673, rebound from this level is suggested to 1.5850 levels before resuming the bearish move to the 161.8% extension at 1.5480.

Finally, remember that any pull back from 1.5673 levels is supposed to be limited below the key resistance 1.5892, a 4 hour close above this level will suggest short term bottoming and bring more gains towards 1.6050 levels before going down again, but overall outlook remains strongly bearish as long as the weekly close is below 1.6178.

Best Regards

Haitham