Around the price zone of 1.6780-1.6800, a Double Top pattern scenario was previously established during February and March.

Daily fixation below 1.6600 (reversal pattern neckline) exposed price level 1.6530 (50% Fibonacci) then enabled the pair to hit the full projection target at 1.6464 (61.8% Fibonacci).

The recent lows at 1.6465 as well as 1.6555 (corresponding to the depicted uptrend line) prevented further bearish decline and provided enough buying pressure to keep fixating above 1.6630-1.6666 (corresponding to a prominent top established on January 24).

As long as the ascending bottom established at the uptrend around 1.6555 remains intact, the bulls would be consolidating around 1.6780-1.6800.

The nearest demand zone to meet the pair is located at 1.6660-1.6675. It's the most recent established top on the current bullish swing.

Lack of bearish follow up below 1.6600 resulted in a strong bullish reversal that allowed a breakthrough above 1.6535 to take place shortly after.

The ascending bottom established at 1.6500-1.6530 exposed price zone of 1.6645 - 1.6680 to be broken through quickly. There seems to be tendency to revisit this key-zone.

The price level of 1.6645 - 1.6680 may offer a valid BUY entry on the next bearish pull-back. It corresponds to the recent broken top established on March 31.

Stop loss should be located below 1.6560.