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 offered support around 1.4725 and finally they were able to push above the upper limit of the 4H congestion zone (price level of 1.4830).
Breakthrough above its upper limit (1.4845) invalidated the bearish scenario for the short-term prospective. Projection target of the bullish breakout should have been located near 1.4950 (50% Fibonacci level on the daily chart).
Price level of 1.4950 is a prominent resistance level corresponding to the upper limit of an intraday congestion zone and 50% Fibonacci Level as well.
Bearish pull-back took place after hitting of 1.4945, the bearish movement was contained above 1.4860 where a strong bullish spike was initiated to breakout above 1.4950.
