On the daily chart above, we can see that the pair’s trading was restrained between the ends of the symmetrical triangle since the beginning of 2009, yet recently the pair breached the support for the pattern -precisely on August 24- with a successful retest to resume the general bearishness that was temporarily stalled during trading within the aforesaid pattern. 
This pattern ideally targets the continuation of the bearishness over short and medium term basis and currently initial targets are at 1.5000.
We can also see a bearish pattern completed with its neckline breached at 1.5845 –neckline shown above in blue- which further confirms the downside expectations where we still see farther southern targets to be reached which might expand towards 1.4700 and 1.4000.
Accordingly, we expect more bearishness over short and medium term basis affected by the negative factors mentioned above from the symmetrical triangle in addition to stability the 200 Days MA where the current downside move is supported by the negative crossover on Stochastic.
Despite the bearish factors mentioned we should note that a clear breach and stability above 1.6000 fails our expectations.
By: Yasir Mubarak
Senior Technical Analyst
[email protected]
www.ecpulse.com