Two big possible scenarios here and we need to wait and see which one plays out (see chart).
- There is a big double-bottom in place and prices need to break back below 1.5700 to neutralise this;
- There is a possible double-top at 1.6260 but prices need to break and hold below 1.5900 to confirm this.
I’m still in buy-big-dips camp with bids ready at 1.5750, and I do think that we will see this level in the next week or so.