The rate has broken down from a short term symmetrical triangle formation.
I am now looking for a pullback towards the former support in the 1.6400-1.6430 area which should now become resistance and will enter a new short position if we see strong rejection there.
The immediate target should be the 3-month-long rising trendline support around 1.6200.
A break back above the former triangle floor would invalidate my immediate bearish bias on the pair.