Although, the depicted uptrend line remains intact since it was established in November 2013, this time the bulls are failing to achieve a new high above 1.6800-1.6820.
Successive ascending bottoms were established around 1.5850, 1.6250, and 1.6460, and recently another ascending bottom around 1.6565 was established.
The pair has established recent resistance levels between 1.6765 and 1.6815 during February and March. These levels correspond to the previous tops in a successful Double Top pattern.
A bullish impulse was initiated this week around 1.6565 pushing towards price zone of 1.6765 - 1.6815. Bearish price action is being expressed during this visit as expected Yesterday.
Re-closure below 1.6765 exposed price level of 1.6730.
In case the recent daily low representing intraday support around 1.6720 fails to apply enough buying pressure, a stronger support zone comes to meet the pair between 1.6640-1.6610.,
