As depicted on the chart, the nearest demand level comes to meet the pair around 1.6475 (61.8% Fibonacci).
The Double-Top pattern scenario is being executed with the neckline located around price zone of 1.6540-1.6580.
Daily fixation below this neckline will enable the pair to reach 1.6350 as a projection target.
The recent achieved low at 1.6475 (61.8% Fibonacci) prevented further decline today. However, there is still no signals of bullish reversal. Four-hour fixation above 1.6520 is needed to signal an established bottom thus exposing 1.6570-1.6580 (significant Supply zone) to be tested shortly after.
Now the price zone of 1.6570-1.6600 will probably offer a valid SELL entry at retesting. Stop Loss should be daily closure above 1.6610.
On the other hand, slide below 1.6475 will expose 1.6400 immediately. Price level of 1.6400 corresponds to the lower limit of the depicted 4H bearish channel.
The material has been provided by InstaForex Company - www.instaforex.com
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