Monthly chart
Medium term downtrend has broken longer term trendline that supported the pair in 2009, 2010 and 2013. The pair appears to have bottomed just above 1.4550 and the corrective rally that followed ran out of puff ahead of 1.60. Confluence of the broken trendline, 20 month SMA, 50 month SMA and 1.60 level acted as a strong resistance - the pair was unable to crack it and turned lower.
Weekly chart
Significance of the 1.5750 - 1.6000 resistance zone is strengthened as we add 100 and 20…
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