The pair has established recent resistance zone between 1.6765 and 1.6815 during February and March. These levels correspond to the previous tops in a successful Double Top pattern.
The depicted BLUE uptrend line remains intact since it was established in November 2013. However, this time the bulls are failing to push higher above price levels of 1.6920.
Instead, strong bearish rejection was expressed off 1.6920 leading to bearish breakdown of the depicted bullish channel.
As long as the recent bottoms around 1.6735 and 1.6800 remain defended by the bulls. The market will keep developing bullish pressure to push above 1.6870 and 1.6900.
Four-Hour closure below 1.6825 will gather enough bearish momentum to push towards the prominent support levels located around 1.6800 and 1.6770.
On the other hand, bullish breakout above 1.6840 will expose 1.6900 and 1.6940 respectively.
