By the end of 2013, the bulls managed to recordВ a new high for the year at 1.6576. This was achieved after stabilization of 1.6250 as a support level.
Bearish pressure was applied at price level of 1.6590 to get the pair back again belowВ 1.6460-1.6500 after management of the bulls to breakthrough this zone for a few days.
Few days later, the bears managed to establish a temporary low at 1.6336. Hence, price level of 1.6470 remained the nearest resistance level. The bulls has been pushing towards it since January 6.
The mid-term view remains bearish towards 1.6260-1.6230 as long as the bulls are failing to breakthrough above 1.6460-1.6500 being tested at the current time.В В
A bullish breakout above 1.6500 will probably allow for another bullish impulse towards 1.6600. That's why, sellers should be watching for today's daily closure.
