Technical outlook and chart setups:

The currency pair was consolidating between 1.59 and 1.62 broadly as discussed last week. As expected the pair run into the resistance area at 1.62 levels and reversed. This possibly should be the break down leg below the 1.59 support. Minimum implications are towards 1.57 levels and possibly 1.54 as well. It is recommended to remain short and also look to add further at current levels. Resistance is at 1.6250 now and support is at 1.59, followed by 1.54, respectively. Look to remain short and also sell during intraday rallies from here on. A break down below 1.59 should see accelerated fall.

Trading recommendations:

Remain short, stop is at 1.63, target is at 1.57.

Good luck!