Around price levels of 1.6780, 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 ( also corresponding to a previous uptrend line ) prevented further decline. Yet, the bulls are unable to fixate above 1.6630-1.6666 ( prominent top established on January 24 ).
A slide below 1.6580 ( previous bottom established on January 24 ) applies bearish pressure on the pair to pursue towards lower lows. Otherwise, the bulls would be targeting at 1.6750-1.6775.
Price zone of 1.6666-1.6690 will probably offer a valid SELL entry. Stop Loss should be four-hour closure above 1.6700.
The bears need to achieve a four-hour closure below 1.6620-1.6600 to push for further lows.However,until now there's bullish support being offered there.
On the other hand, Four-hour fixation above 1.6690 will probably signal weakness of the bears to pursue their downtrend exposing price level of 1.6775 for retesting.
The material has been provided by InstaForex Company - www.instaforex.com
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