BIAS: We should see losses - but take care
MAIN ANALYSIS: The 1.5540-42 lows remained intact and price rallied into the middle of the 1.5640-60 and 1.5698-05 area. Thus, while allowing for 1.5698-05 the major risk does look bearish but we shall have to ensure that the decline is sustained below 1.5600 and back to the 1.5540 low. I note that the 4-hour Price Equilibrium Cloud provided the resistance at 1.5676 and therefore it suggests we have seen the corrective high in the triangle. A break below 1.5540 would see the 1.5490-90 expansion area but I'm not certain this is valid any more. Watch momentum carefully - if both 4-hour & hourly momentum remains bearish then watch for further losses... the minimum target should be 1.5406.
COUNTER ANALYSIS: Only a break above 1.5710 would risk a firmer rally to the 1.5825-50 area but then take care.
MEDIUM TERM ANALYSIS:
19th December: It looks like we've see the 1.5676 high provide the triangle completion (Though allow for 1.5695-05) and therefore we should see losses back through 1.5540 - then take care at 1.5490-00 but I feel the next target will be at 1.5406 minimum - but more likely down to the 1.5346 area minimum - but then take care. There is as deeper projection at 1.5251...
Just in case .. should there be the 1.5491-99 area provide bullish divergences and a reversal signal, then we could then see the recycling to 1.5825-50 but it would surprise me...