On March 24, by breaking down 1.5175, the Double Top pattern could not only achieve its projection target at 1.4820-1.4800, but it confirmed a bigger Head and Shoulders pattern.
The bears managed to break down 1.4950 corresponding to 50% Fibonacci level last week (the nearest support level). This exposed the price level of 1.4750 (61.8% Fibonacci).
As expected, trading above 1.4740 on a daily basis hindered further bearish progression giving some time for sideway consolidation at least for retesting of 1.4945 (50% Fibonacci) which is a prominent resistance now.
The state of indecision around 61.8% Fibonacci level (1.4750) was ended. The bulls were offering support around 1.4725 and finally they are able to push above the upper limit of the 4H congestion zone (price level of 1.4820).
Breakthrough above its upper limit (1.4845) invalidated the bearish scenario for the short-term prospective. Projection target of the bullish breakout should be located near 1.4950 (50% Fibonacci level on the daily chart).
Price level of 1.4950 is a prominent resistance level where a bearish pull-back is expected to take place off. Short-term bearish targets are located near 1.4830 and 1.4800.
