The pair remains in the bearish impulse initiated off its peak price around 1.6820.
On Friday, the pair had retraced up to 1.6724 before prominent bearish rejection was expressed to achieve daily closure at 1.6615 resulting in a "Shooting-Star" daily candlestick.
The breakdown of 1.6600 is essential to confirm reversal and trigger a stronger pullback, which will pause the short-term bullish momentum and open the way towards 1.6536 (50% Fibonacci Level of the swing between 1.6250/1.6821) and psychological Demand of 1.6500 as well.
The pair hardly touched 1.6580 yesterday when bullish rejection was applied resulting in a quite bullish daily candlestick. This may threaten the ongoing bearish impulse started at 1.6820.
Stabilization of 1.6600 protected the pair from further decline, with sideway consolidative phase seen preceding a possible attempt to push higher.
Daily bulls were concentrated around 1.6600 considering it as an ideal reversal point.
The bears failed to breakdown this demand level resulting in a bullish engulfing 4H candlestick that's pushing again towards 1.6666.
Breakthrough above 1.6666 opens the way towards 1.6720/40. Breakthrough above which, is a must to bring bulls back to push towards 1.6770-1.6820 initially.
