A solid bullish structure kept pushing higher. This bullish structure was manifested in successive ascending bottoms around 1.6465, 1.6555, and 1.6665 (corresponding to the uptrend line)
Lack of bullish momentum and indecision were observed on the daily chart when the pair established a consolidation zone between 1.7050 and 1.7170.
On the other hand, the most dependable DEMAND level located around 1.7050 (the uptrend line too) was broken down exposing the price levels of 1.7000.
The price levels of 1.6910-1.6920 failed to provide enough DAILY support for the pair thus exposing 1.6850 - 1.6830 as the next destination of the bearish swing.
As expected, the price zone between 1.7140 - 1.7170 provided evident bearish price action.
A pattern of multiple tops was confirmed after breakdown of the depicted bullish channel. Moreover, successive bearish targets were hit around 1.7055 and 1.7000.
As expected, risky traders may have kept their SELL positions up to the price level of 1.6830 where the current Demand Level is located.
On the other hand, the price level of 1.6830 remains a significant level as it corresponds to a previous consolidation zone established in June.
A valid buy entry may be triggered around the current prices provided that the bulls could show enough bullish rejection. SL should be located below 1.6730.
