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 also 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 for retesting of 1.4945 (50% Fibonacci).

The state of indecision around 61.8% Fibonacci level (1.4750) was ended. The bulls initiated a bullish spike off 1.4725 and finally they were able to push above the upper limit of the 4H congestion zone.

A bullish spike above 1.4950 (50% Fibonacci level on the daily chart) was executed today. However, the bulls failed to pursue the bullish breakout leading to its failure.

Price zone of 1.4950-1.5000 is a prominent intraday resistance. The next support to meet the pair is located around 1.4880 where the lower limit of the depicted triangle is located.

Price action at this key-level will determine the next destination of the pair, either to retest the recent high around 1.5025 or to pursue further bearish movement towards 1.4820-1.4800 ( next support zone ).

Overall, the daily chart suggests bearish tendency as long as the current daily candlestick maintains closure below 1.4940.