Strong bullish sentiment was found at the support area around 1.4830, which pushed the pair to 1.5700, the level where two prominent tops were established, until the bulls initiated another bullish impulse towards 1.6200 where other two prominent tops were established.
It is worthy of note, that the market initially expressed a bearish rejection around 1.6200 which resulted in an Inverted Hammer weekly candlestick which established a consolidation range down to 1.5920. However, the lack of bearish momentum enhanced by the weakness of USD allowed the bulls to step above 1.6200.
The pair failed to breakdown support zone located around 1.5925. That's why a bullish rejection was manifested around 1.5860 failing to complete the projected targets of the double-top pattern. Instead, the bulls managed to exceed the previous high of 2013 around 1.6340 recording a new high for 2013 at 1.6463.
A sell entry was suggested at retesting of price levels around 1.6440. SL should be set as daily closure above 1.6470. It's running in profits now. Our initial target should be set at 1.6320, then possibly 1.6250.
