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Looking at 4 hours charts, the pair is inside an almost perfect descending triangle. Although some theories said this is a continuation figure, others disagree: the figure is at the end of a clear descendant previous trend, and theoretically we could expect a break trough the base to send the pair to the zone @ 1.4400 (the high of the figure is of @ 1100 pips). However the pair should do that maximum in two more candles: remember a break of a triangle is valid as long as it happens between the 2/4 and the 3/4 of the length of the figure measured from the beginning to the vertex. And the same goes for the descendant trend line (closer at this time, and with high chances of being tested today). In case the pair finally break the figure close to the vertex, remember, the figure will be consider useless, but not the trend lines, just don’t expect the pair to accomplish the target proposed by the triangle. Anyway, and for the next hours, resistances will be at 1.5835, and the the descendant trend line, @ 1.5880. A candle opening above it, will send the pair first to the zone around 1.5960 and finally 1,6010. Regarding supports, only under 1.5765 the pair could gain some bearish strength with next supports at 1.5718, 1.5675 and finally 1.5638.
