Strong bullish sentiment was found at the support zone around 1.4830, which pushed the pair to hit 1.5700, where two prominent tops were established untill the bulls initiated another bullish impulse towards 1.6200 where other two prominent tops were established. It is important to note that the market initially expressed a bearish rejection around 1.6200 (127.2% Fibonacci Expansion) which resulted in an Inverted Hammer weekly candlestick. That is why a bearish movement was expected last weeks provided that the bears continue defending the weekly high at 1.6200. However, the lack of bearish momentum enhanced by the weakness of USD allowed the bulls to step above 1.6200 for a short time until bearish domination came again into the market. The pair had to break down the support level located around 1.6040 (100% Fibo Expansion) which already took place shortly after. However, a bullish rejection was manifested around 1.5860 failing to complete the projected targets of the double-bottom pattern. Instead, the bulls are now pushing above 1.6300 trying to challenge the highest level of 2013 around 1.6340. Note that daily fixation above 1.6200 enabled the pair to express the bullish movement towards 1.6300 where 141.2% Fibo expansion and the backside of the depicted broken uptrend are located. A sell entry may be taken around the current levels of 1.6300-1.6330 upon watching proper bearish price action. SL should be set as daily closure above 1.6350. Yesterday's daily closure is located at 1.6340 which means the bulls are in control of the market till the moment. However, a possible bearish reversal towards 1.6230 is expected.
