As depicted on the chart, the next demand level is located around 50% Fibonacci at 1.6540.
As long as 1.6820 remains the highest level for the month, the price level of 1.6540 remains the target for the bears.
Another scenario is that a Double Top pattern is being established with the neckline located around 1.6600-1.6580.
Daily fixation below this neckline will enable the pair to reach 1.6400 as a projection target.
On Tuesday, the bears failed to close below 1.6580 (neckline). Instead, daily closure occured at 1.6615.
Another bullish swing towards 1.6715 took place as expected.
Price zone of 1.6700-1.6730 remains an intraday supply for the pair.
Bearish rejection is being expressed on the retesting that took place yesterday.
As long as the bears are still defending this price zone. Price level of 1.6580 remains vulnerable to breakdown. If so, a bearish swing towards 1.6500 is expected to occur shortly after.
Stop loss for the bearish scenario should be located above 1.6750.
The material has been provided by InstaForex Company - www.instaforex.com
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