Technical Outlook and Chart Setups:

The single currency pair might have pushed through 1.6300 levels and triggered stops placed there. Still the pair is trading below the Jan 2013 high of 1.6380 levels. A top and reversal here remains of grave possibility and hence recommendations are to initiate fresh short positions at current levels (1.6300) keeping risk at 1.6425 levels. Furthermore a possible head and shoulder could also form if prices confirm top and reversal at current levels. Resistance is at 1.6380, while support is at 1.6150 followed by 1.6050 and lower.

Trade Recommendations:

Initiate fresh short positions now (1.6300), stop at 1.6425, target open.

Good Luck !