  The analysis of high-precision $\pi^{\pm}p \to \pi^{\pm}p$ cross section data
from the EPECUR Collaboration based on the multichannel $K$-matrix approach is
presented.The sharp structures seen in these data are studied in terms of both
opening thresholds and new resonance contributions. Some prominent features are
found to be due to the opening $K\Sigma$ channel. However, a complete
description of the data is improved with the addition of two narrow resonant
structures at $W\sim 1.686$ and $W\sim 1.720$ GeV. These structures are
interpreted as manifestations of $S_{11}$ and $P_{11}$ resonances. The
underlying nature of the observed phenomena is discussed.
