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On March 12, the bulls failed to establish an ascending top. Instead, a Double Top reversal pattern was established at 1.5500. The neckline was located at 1.5170-1.5200 also corresponding to the lower limit of the depicted channel.
By breakdown of 1.51750, the Double Top pattern could not only achieve its projection target at 1.4820-1.4800, but also confirmed a bigger Head and Shoulders pattern as well.
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 ).
Trading above 1.4740 on a daily basis will probably hinder further bearish progression giving some time for sideway consolidation at least for retesting of 1.4945 (50% Fibonacci) which is a prominent resistance now.
On the other hand, daily closure below 1.4740 and a slide below 1.4675 will open the way towards 1.4350 as a projection target for the long-term bearish pattern.
There's a state of indecision around 61.8% Fibonacci level ( 1.4750 ). The bulls were offering support around 1.4725. This price level kept the pair consolidating above for a while. However, the bears managed to achieve a bearish engulfing daily candlestick on Monday which was followed by another bullish candlestick on Tuesday.
On the 4H chart, this indecisive state is manifested in the depicted channel which is slightly bearish. Breakthrough above its upper limit invalidates the bearish scenario for the short-term prospective.
On the other hand, trading within this channel enhances the long-term bearish prospective in which projection targets of the H&S reversal pattern are projected towards 1.4350 roughly.
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