On December 30, significant bearish rejection existed around the level of 0.6840 (daily resistance level) similar to what happened previously on October 23.
Moreover, a daily closure below 0.6750 allowed a quick bearish decline to occur initially towards the level of 0.6500, which was broken-down as well.
The depicted chart illustrates a double-top reversal pattern. The depicted support level at 0.6430 should be broken-down in order to confirm the reversal pattern.
However, traders should note that the level of 0.6430 constitutes a significant support level which corresponds to the backside of the broken downtrend line depicted on the chart. Hence, a strong bullish rejection and a valid buy entry should be expected.
On the other hand, an obvious bearish closure below 0.6430 opens the way towards 0.6250 where multiple previous bottoms are located.
