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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 a 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 on Tuesday. However, the bulls failed to pursue the bullish breakout leading to its failure.
On the other hand, the lower limit of the depicted triangle located around 1.4850 prevented a further bearish decline, providing a considerable support for the pair for retesting of the price zone of 1.4950-1.5000 again allowing another bullish breakout above 1.5000 to take place.
The 4H chart shows an expanding triangle pattern being established at the current key levels. This is a bearish signal and an indicator for upcoming bearish pressure to be applied.
Overall, the daily chart suggests bearish tendency especially if the current daily candlestick manages to close below 1.4940.
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