Well to some extent, i think we're currently trading inside a bear pennant. In my view this price should break to the downside below 1.5600 targeting 1.5400, Stop loss would be around 1.5800, if i'm right about this bear pennant.....The other scenario is that if price temporarily breaks above 1.5628, we can expect a slight rally upto 1.5670 or 1.5737. But if i were to trade this pair, i would trade it according to this bear pennant pattern==short it baby :)
Short @ 1.5604 (fib 0.76)
TP1 @ 1.5405 (fib 61.8)
TP 2 @ 1.5350 ( max down according to the length of the triangle)
TP 3 @ 1.5250 ( If we break below the triangle or pennant)
SL @ 1.5800
SL 2@ 1.5900 (if you want to be more careful)
Short @ 1.5604 (fib 0.76)
TP1 @ 1.5405 (fib 61.8)
TP 2 @ 1.5350 ( max down according to the length of the triangle)
TP 3 @ 1.5250 ( If we break below the triangle or pennant)
SL @ 1.5800
SL 2@ 1.5900 (if you want to be more careful)