A major formed, with the price currently testing the neckline for the pattern around 16.35. A breakout with daily closing below the neckline would confirm teh pattern and establish a new lower low.
On breakout confirmation, I expect a selloff for an initial target at 16.00 horizontal , and the rising on chart.
I wouldn't completely ignore the chance of an upside bounce of the current support and neckline of the patter, however i would love to see a confirmation of price action, such as a candle, or a on the four-hour chart.
The countdown has started.. Check out The Forex Channel all-new coming soon page with a countdown timer to launch date, visit and subscribe at http://thefxchannel.com
My Best Regards
Get your gift : https://thefxchannel.com
Skype: Technician - The forex channel