A considerable support was provided around 1.6250. This price level corresponds to the previous multiple tops as well as recent bottom established around 1.6250.
A breakthrough above the price zone of 1.6590-1.6660 opened the way directly towards the upper limit of the depicted channel around 1.6820 where the bulls failed to fix above.
The upper limit of the ongoing bullish channel provided considerable resistance for the pair resulting in an inverted Hammer daily candlestick.
A bearish impulse towards 1.6590-1.6660 is expected to take place where a bullish position can be taken if the bulls express enough bullish presence around this area. This needs careful watching of price action on the shorter time frames.
Breakdown of 1.6600-1.6590 clears the way towards a more prominent support around 1.6475 (previous established bottom).
The material has been provided by InstaForex Company - www.instaforex.com
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