The daily technical indicators are strongly bearish. The tenkan-sen and kijun-sen lines are negatively aligned. The MACD is in negative territory. RSI and the stochastic are strongly bearish but at extreme oversold levels, warning that the market is stretched.
Next support is seen at the psychological level of 1.6000. Resistance comes in at 1.6200 followed by Friday’s low of 1.6280.