A Double-Top pattern scenario was executed with the neckline located around the price zone of 1.6620-1.6660.
Daily fixation below this price zone enabled the pair to reach 1.6464 (61.8% Fibonacci) as a projection target.
The recent achieved low at 1.6465 prevented further decline. However, there is still no sure signals of long-term bullish reversal.
Four-hour fixation above 1.6666-1.6690 will probably signal weakness of the bears to pursue their downtrend exposing price level of 1.6775 for retesting.
On the other hand, price zone of 1.6666-1.6690 will probably offer a valid SELL entry. Stop Loss should be four-hour closure above 1.6700.
A slide below 1.6595 ( previous top established on January 2) will probably expose 1.6500 and 1.6470.
The material has been provided by InstaForex Company - www.instaforex.com
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