Price have broken out of the 1.550 support and is being held down by the Midas R1 curve, however a break above R1 would indicate that a pullback up to the 1.550 area is likely as a foothill pattern is currently developing. Momentum is showing signs that a possible push to the upside is coming but since euros order flow is negative and Australian dollars is positive it is risky to be buying, so I am waiting for price to pull back and test the 1.550area before going short. First target is the 1.50 handle.