A couple of charts to consider.
The daily cable chart looks like it is falling back into the old 1.54-1.57 range. The move down today is also confirming the reversal Wednesday.
The hourly chart has formed a head-and-shoulders top. It’s not textbook — you can see two different H&S patterns (S1/N1 and S2/N2 are the shoulders and necklines). S2 is the more dominant pattern, to me. We will probably build the second shoulder today if we hold above 1.5730. The measured target of the move around 1.56 which coincides nicely with the 50% retracement of the rise from mid-January.
The key will be a break of 1.5725/00.
