The pair has established recent support zone between 1.6765 and 1.6815 during February and March. These levels correspond to the previous tops in a successful Double Top pattern.
The depicted BLUE uptrend line remains intact since it was established in November 2013. However, this time the bulls are failing to achieve a higher high above the recent one around 1.6995.
On the 4H chart, strong bearish rejection was expressed off 1.6920 leading to bearish breakdown of the depicted bullish channel.
As long as the recent bottoms around 1.6735 and 1.6800 remains defended by the bulls, the market will keep developing bullish pressure to push above 1.6870 and 1.6900.
Four-Hour closure below 1.6825- 1.6800 will gather enough bearish momentum to push towards the prominent support levels located around 1.6750.On the other hand, bullish breakout above 1.6840 will expose 1.6900 and 1.6940 respectively.
The long-term perspective remains bearish aiming to form another bearish limb that would extend below 1.6730 ( the most recent bottom ).
The material has been provided by InstaForex Company - www.instaforex.com
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