Technical Outlook and Chart Setups:

The single currency pair rose to resistance at 1.51 before reversing sharply on Friday. Charts are still pointing out that a top may be around the corner. Furthermore, the dropping resistance line is also passing through the same level, reinforced by the Fibonacci 0.618 resistance as well. It is recommended to add to short positions again around these levels. Only a convincing break above 1.5250 shall change scenario to bullish. Intermediary support is around 1.5800, while resistance is placed around 1.52 level.

Trading Recommendations:

Please hold short positions taken earlier and add further as close to 1.51 level. Stop at 1.5150. Target Open.

Good Luck!