The congestion zone 1.6765 - 1.6815 which was established during February and March, corresponds to previous prominent tops which were established back in February.

The depicted BLUE uptrend line remained intact since it was established in November 2013 until it got broken-down on May 28. Moreover, the bulls are retesting the backside of the same broken trend line.

On the 4H chart, strong bearish rejection was expressed off 1.6920 leading to bearish breakdown of the depicted bullish channel as well as successive previous support levels now acting as resistance.

The 4H chart shows a recently established resistance zone being retested today. Bearish price action is expected to be applied there.

The long-term outlook remains bearish aiming to form another bearish limb that would extend below 1.6730 ( the most recent bottom ) as long as the bears keep defending this newly established resistance zone located between 1.6800-1.6845.

Until then, the pair would remain trapped within this new congestion zone extending between 1.6730-1.6800.

If the pair resumes its bearish momentum, we should note that price action should be watched around 1.6650 to take advantage of a possible bullish corrective movement.

On the other hand, daily closure above 1.6815 will expose higher resistance levels around 1.6870 and 1.6900 shortly after.