Preference: Short positions below 1.6415 with targets @ 1.635 & 1.632 in extension.
Alternative scenario: Above 1.6415 look for further upside with 1.644 & 1.647 as targets.
Comment: the pair remains under pressure and is challenging its support.
The red lines are the supports, the green lines are the resistances and the blue line is the pivot point (the key level where we would turn bullish from bearish, or bearish from bullish). There is no one-way for calculating our supports and resistances. We favour the use of Fibonacci levels (either via a retracement or a projection), along with classical technical levels (gaps, horizontal lines, etc.). The choice will depend on the current market configuration.
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