The pair enjoyed a massive rally yesterday, taking home more than three big figures compared to an Average True Range in the past 100 days of 122 pips. The pair crushed the trend resistance from June 2013 highs as well as broke free of the 50- and 100-day SMAs, being capped exactly at the 76.4% Fibo in the 2013 high-low wave coinciding with the 200-day SMA at 1.5530. This level acts as instant resistance. Today, we could expect some profit taking and somewhat of a pull-back from yesterday’s move. Intra-day oscillators clearly in overbought territory should add to the bearish pressure. That said, a break above near term supply, would open up for a test of trend resistance from 2013 highs at 1.5585.