Perfect shoulders have formed at 1.6740 and the neckline support at 1.6110 has held firm thus far. We are currently in a short term retracement mode and I see this rally as a selling opportunity. 1.6510 is the 61.8% retracement of the 1.674/1.614 fall and that remains a possible target in the short term. A break now below 1.6110 would confirm the formation and would be a very bearish technical event.
